Access to a global talent pool is vital to keep pace with UK FinTech's growth potential.  Four in ten employees in this thriving sector currently come from overseas, complementing national capabilities as the UK continues longer-term efforts to strengthen the domestic pipeline in digital and technological skills.

The abolition of the Tier 2 cap is overdue and welcome.  Innovate Finance has long called for the cap's removal and supported the Migration Advisory Committee's recommendation to do so.  We believe this makes complete economic sense.

Innovate Finance will feed into the consultation on minimal salary levels for those overseas workers entering the UK and will continue to represent FinTech views on the Home Office Employers Panel. We believe that the current cap at £30,000 is potentially harmful to the UK economy as a whole and may discourage talent from entering the market.

We must ensure that UK FinTech has the ability to recruit for all essential roles across the whole UK, ensuring that our economy remains open to those who demonstrate significant future potential in the early stages of their careers.