1. Innovative 2. Reach of 3. Regulatory 4. Access to 5. Resilient business Our global offer to business: ecosystem 昀椀nancial activity environment talent and skills infrastructure London and the UK’s competitive 21 strengths supporting economic growth 4.2 International talent An international 昀椀nance hub needs an international workforce. London attracts top talent from around the world - 41% of workers in London were born abroad. This diversity ushers in global knowledge, language skills and cultural in昀氀uence. The UK visa system is one of the most open for skilled workers, and its universities attract the brightest minds from around the world. market. However, the City of London The City of London has a highly UK work visas are expensive, but in has the most diverse international high demand and the UK has fewer international workforce, but the UK workforce amongst 昀椀nancial centres, is less attractive to foreign workers restrictions on skilled immigrants. than the US. with 41% of workers born overseas. The UK is the most open market Our engagement with industry 昀椀nds The UK continues to rank behind for international talent among that London is still highly attractive to the US, Singapore and Germany in 昀椀nancial centres. Other visas may be foreign FPS workers. its ability to attract highly-skilled cheaper, but have more restrictive Source foreign talent. Reasons for this are barriers, such as labour market high visa costs, high cost of living and testing, language skills tests or long IMD 2023 availability of jobs in a tight labour processing times. UK and US working visas are among the most expensive in the world. A three-year skilled worker visa for someone entering the US or UK cost around £7,500 in 2023. This is a signi昀椀cant barrier to the movement of skilled workers across borders and hampers our ability to attract talent. In comparison, a three-year skilled worker visa for international students across a larger to the UK. Non-EU international The number of international France or Germany costs £283 and student population. The number students make up 36% of business students continues to increase, but £155, respectively. Singapore has the where they come from has changed. of international students from the management courses and 30% most expensive visas of Asian GFCs EU has decreased since Brexit, of technology, computing, and at £217, whereas for Hong Kong and The number of international students particularly from Germany and mathematical sciences degrees. The UK has the least Japan a work visa costs just £25 and in the UK has increased annually restrictive visa programme Ireland, as EU students must now pay £17, respectively. 41% Source since data has been available amongst GFCs full international student fees. China, Source and reached 680,000 in 2022. India, and Nigeria are now the largest of City of London HESA 2023, OpenDoors 2023, Study in Japan 2023, Erudera 2023 The US has the largest number of workers born overseas sources of international students Fragomen 2023