The success of the UK, and the City of London’s financial services sector, has been built on our country’s tradition of openness – not only to international capital, but also to the immigration of the best and the brightest from around the world. A full 30% of jobs in London are filled by people born outside the UK, including a quarter of senior managers in financial and business services.

I firmly believe that immigration has clear benefits for the UK labour market and the economy as a whole. By bringing in innovative ideas, core business skills and other valuable talents, migrants play a key role in contributing to the prosperity and productivity of the UK and complementing our domestic workforce. In the same way that free trade and capital mobility boosts our income, so too does immigration. A wider labour market increases flexibility, and matches individuals with different skill sets to job opportunities more effectively.

Tier One

Earlier this year, the Government launched the first phase of the new Points Based System (PBS) for immigration. The Points Based System will enable us to manage migration more effectively, while creating a fairer and more transparent system that identifies the skilled workers the economy needs.

Tier One of the PBS was launched in February 2008. This builds upon the success of the UK’s Highly Skilled Migrant Programme, by continuing to attract those possessing the top-class skills the UK needs to remain a global leader in the fields of international finance, business and technological innovation.

Tier One will cover individuals from outside the European Economic Area (EEA) seeking highly skilled jobs in the UK– in sectors ranging from accounting, consultancy, investment banking and insurance to private equity.

Tier One also warmly welcomes entrepreneurs who want to invest in the UK by setting up a business, or investors who want to make a substantial financial investment in the UK.

Just as with the previous system, those applying to work in the UK on Tier One will be required to prove that they can speak English and are able to support themselves.

However, individuals who can show they have enough points to qualify for Tier One will not require a job offer to apply. Points will be awarded on the basis of the individual’s skills, experience, age and past earnings.

This will ensure that we continue to boost the UK’s economy by attracting and retaining the brightest and the best, furthering the success of London as an international financial centre as well as the success of regionally important business and finance centres such as Edinburgh, Glasgow, Leeds, Manchester, Birmingham and Bristol.

Tier Two

The Government also recently unveiled its intentions for Tier Two of the PBS, which is for skilled migrants and is aimed at enabling UK employers to recruit individuals from outside the EEA to fill a particular skilled job that cannot be filled by a British or European worker.

In Tier Two, employers will be able to sponsor skilled migrants to work in the UK when a particular shortage occupation has been identified, or when a business has been unable to fill a post from within the EEA.

As with the other tiers, an applicant wanting to come to the UK under this tier will need to show that he or she has enough points to qualify, and these points will be awarded according to objective and transparent criteria.

Individuals coming here through the Tier Two system for inter-company transfers have three years to learn basic English.

Put together, the Government is confident that Tier One and Tier Two of the new system will mean that both domestic and international employers based in the UK will be able to meet skills gaps quickly by attracting the right people into the labour market.

The Points Based System will lead to greater predictability to meet the needs of UK-based employers, as well as the aspirations of graduates and experienced hires from around the world to work in the UK.

It is vital now, more than ever, that the Government maintains London's competitive position in global financial markets by attracting and retaining highly skilled migrants – and I sincerely encourage readers of e-FinancialCareers to strongly consider starting and furthering the pursuit of their careers in the UK.

Further details of the Points Based System can be found online at www.ukba.homeoffice.gov.uk

Kitty Ussher is MP for Burnley and Economic Secretary to the Treasury, with responsibility for matters involving banking and finance.