A survey commissioned by totaljobs.com and Intelligence Group has found that the UK's banking industry attracts over a quarter (27%) of foreign workers wanting to move to Britain to continue their careers. According to the survey of 160,000 people from 66 countries, Banking was seen as the second most popular sector choice, just behind Consultancy which attached 28% of the vote.
This comes amid declining banking sectors across Europe financial centres in Paris, Madrid and Rome haemorrhage talented workers while the debt crisis in the Eurozone fails to be resolved. For example, 42% of the French workers surveyed said they want to move to the UK, which could also be a reaction to the 75p top tax rate pledged by France¹s Socialist President, Francois Hollande. Companies based in the UK are seen as providing better career prospects as the British economy remains relevantly stable with GDP shrinking at a less-than-expected -0.4 in the 2nd quarter of this year, according to official figures. Another potential draw for foreign banking professionals is UK Government¹s decision to drop the top rate of tax in to 45p in the pound.
Mike Booker, International Director, totaljobs.com said, "The debt crisis across the Eurozone is taking its toll on the banking industries across France, Spain and Italy. In France particularly, Monsieur Hollande's perceived lack of commitment to French business and general left-leaning political agenda is causing many financial services professionals to look abroad for their next career move. Our survey suggests British companies, especially in the City of London, will benefit from a potential influx of foreign talent but could have a significant effect on UK residents that are looking to get a foot into the banking sector's door."