GlaxoSmithKline, J.P. Morgan Chase & Co. and Deutsche Bank AG join in
28th September 2010: With the government going ahead with its move to impose a cap on immigration, more and more businesses, and even banks, have expressed concern.
According to The Wall Street Journal, the firms expressing concern to the government include drug maker GlaxoSmithKline PLC, computer firm International Business Machines Corp., conglomerate General Electric Co., as well as banks J.P. Morgan Chase & Co. and Deutsche Bank AG.
The Journal quoted “people familiar with the matter” while naming the companies.
Only recently, top executives speaking at the Financial Services Authority conference in London said the cap could see talented traders exit Britain and firms shift operations to lower-cost countries with lighter regulations.
Chief executive of funds industry body the Investment Management Association (IMA) Dick Saunders said the traffic lights were flashing red on tax and rhetoric around immigration.
Law Society chief executive Desmond Hudson has already said just when they were pulling themselves out of a crippling recession, imposing the cap now would strangle City law firms and in turn hit the businesses they act for.
By imposing a cap, there was a mistaken assumption that there would be lawyers of equal expertise in the UK and EU. But it was often the knowledge of a particular overseas jurisdiction which was of value to a firm."
Bringing to the fore the risks of severing links with the world’s largest economies, including China and India, the Law Society argued that migrant lawyers were making a significant contribution to the UK economy.
Baker & McKenzie business immigration specialist lawyer Tony Haque said the Government made an election promise to reduce immigration and, while business immigration was not the main problem, it was focusing on this area because it was easiest to reduce.