LONDON (Reuters) – Leaving the European Union makes it more difficult for fintech companies in the Uk to recruit top talent, a report said on Tuesday, he’s threatening the brakes on a 7 billion pound ($9 billion)growth of the sector, as the EU member states to step up competition.
FILE PHOTO: A river boat cruises on the River Thames as the sun set behind the Canary Wharf financial district of London, great Britain, December 7, 2018. REUTERS/Simon Dawson/Photo File
The Refueling of Fintech report of TheCityUK, which promotes Britain as a financial centre, and recruitment firm Odgers Berndtson, said fintech and other companies in the financial services industry must work harder to secure the skills they need.
Fintech has 60,000 people and investment grew by 154 percent in 2017.
The report offers ways to produce more “home grown” tech talent in the area of immigration faces curbs after Brexit.
“Since the Brexit vote in June 2016, there is a significant decrease of graduates coming to the united kingdom, France and Germany in particular,” said Miles Celic, chief executive of TheCityUK.
Up to a fifth of the skills that are needed in the last few years is coming from EU-countries and in the uk tenants are now a net migration of tech graduates back to the block.
Companies are struggling to fill roles in the coding, cloud computing, machine learning, software development, cyber, artificial intelligence and the blockchain, the report said.
“There is a risk that talented migrants with the skills needed for the UK to leave before these skills can be replaced by a home-grown talent,” Celic said.
(IMAGE: TheCityUK/Odgers Berndston Report – tmsnrt.rs/2ObgELT)
The report advises the copying of pharmaceutical products and the production by forging long-term relationships with the academic world to create a pipeline of skilled people – and also to look any further than the graduates.
Better is the collection of data on the skills that are needed, and better retraining of existing employees are also needed, the report said.
Great britain has emerged as a leading fintech hub in Europe in the past few years, but is now faced with increased competition from EU cities such as Berlin, Paris and Luxembourg that provide access to the block of the internal market. Great britain in the future, the access to the EU market may remain unclear for some time to come.
“The current shortage of tech talent is a strategic issue for the UK financial and related professional services, yet little has been done to quantify our current and future skills need,” said Nathan Bostock, chief executive of Santander UK bank and chair of TheCityUK, the working group on trade and investment.
Reporting by Huw Jones; Editing by Mark Potter