British fintech firms’ recruitment of talent hit by Brexit
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Leaving the European Union is making it harder for fintech firms in Britain to recruit top talent, a report said on Tuesday, threatening to slam the brakes on a 7 billion pound growth sector just as EU states step up competition.
The Fuelling Fintech report from TheCityUK, which promotes Britain as a financial centre, and recruitment firm Odgers Berndtson, said fintech and other financial services firms must work harder to secure the skills they need.
Fintech employs 60,000 people and investment grew by 154 percent in 2017.
The report offers ways to generate more “home grown” tech talent as immigration faces curbs after Brexit.
“Since the Brexit vote in June 2016, there has been a significant decrease of graduates coming to the UK from France and Germany in particular,” said Miles Celic, chief executive of TheCityUK. Up to a fifth of the skills needed in recent years has come from EU countries, and UK hirers are now seeing a net migration of tech graduates back to the bloc.
Companies struggle to fill roles in coding, cloud computing, machine learning, software development, cyber, artificial intelligence and blockchain, the report said. “There is a risk that those talented migrants with the skills needed by the UK will leave before these skills can be replaced by home-grown talent,” Celic said.
