| Foreign talents prepare for mass exodus out of UK |
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One in three overseas workers considers using the Christmas break to leave Britain for good 16 December 2008. London's financial center could be facing a brain drain of foreign talent, says report by recruitment website eFinancialCareers. One in three City workers from overseas do not expect to return next year, with 35% of those who intend to move looking at another financial centre, such as Dubai or Shanghai. Matthew Elliott, chief executive of the TaxPayers’ Alliance, blamed the statistics on the government’s taxation policy, which saw the introduction of a new 45% rate for those earning above £150,000 unveiled in the pre-Budget report last month. Elliott said: “The imposition of a super income tax could be the final straw for London as the financial capital of the world.” “The government used to understand that City workers are highly mobile. They now seem to have forgotten the basic principles behind our success.” John Benson, chief executive and founder of eFinancialCareers, said “Employers in the UK’s financial centres should take note. Overseas workers represent a highly skilled talent pool and any emerging financial centre would be keen to attract them.” 550 financial professionals were interviewed for the survey, with 70% of them expecting to be in the same job this time next year and 11% of respondents saying that they would not be giving any gifts at all this Christmas. |
