Hammond: U.K. not to restrict all migration

Economy | Politics 10/19/2016, 7:00 PM
Hammond: U.K. not to restrict all migration

The British government will not restrict the movement of high-skilled migrants into the country, including those who work in the financial sector, chancellor Philip Hammond said on Wednesday.

Speaking before the parliament, the official reiterated his promise to protect the right of those employed in the City to work in the United Kingdom once it leaves the European Union. He stressed that high-skilled migration is not "where the problem lies," adding that all measures to reduce net migration will have to be formulated in such a way as to protect the economy. "When the public says they have problem with migration, they are not talking about computer professors, brain surgeons, or senior managers," Hammond told the Treasury select committee.

Addressing a separate issue before that, chancellor said the government has not yet decided whether it would seek an exit from the EU's customs union during Brexit negotiations, although he insisted it would aim for a "bespoke solution." He also said the cabinet acknowledged the desire of City banks to have a transitional period as the U.K. negotiates its departure from the bloc.

TeleTrader Newsroom / IB