High skill workers not subject to immigration controls, says Hammond
The chancellor of Exchequer Philip Hammond said he could not see firms restricting the recruitment of “high level” workers such as “computer programmers, brain surgeons, bankers”.
"I cannot conceive of any circumstances in which we would be using those migration controls to prevent banks, companies moving highly qualified, highly skilled people between different parts of their businesses," said Hammond.
He said voters wanted restrictions on those migrants competing for “entry level jobs”.
Hammond did not dismiss suggestions that he supported students being taken out of the target for reducing net migration when giving evidence to members of parliament on the Treasury Select Committee.
His comments will however add to growing speculation that the government intends to introduce a work visa scheme aimed at low-skilled migrants.
MPs on the Treasury select committee also questioned Hammond on the impact Brexit will have on the economy.
Hammond said: "It's a challenge to our economy - there will be a period inevitably of uncertainty until we know the outcome of the negotiations."
He said the retention of passporting rights for the financial services sector "would be the ideal outcome".
"The reality is that financial services remains our single largest sector; it is responsible for a very large number of jobs straight across the United Kingdom, it's not a London-based industry," said Hammond.
"The industry knows that we regard it as extremely important, the industry knows that we understand that it has a particular set of challenges as we go into this period of negotiation with the European Union. And I hope the industry knows - it certainly should know - that helping to address these challenges and taking account of these challenges will be a very high priority for the government," he added.
Despite this, the chancellor admitted that some banks and financial firms were "looking at other options beyond passporting to protect their interests".
He also highlighted that the Bank of England’s Monetary Policy committee would remain responsible for monetary policy.
"There will be no change in monetary policy. Monetary policy is independently determined, that will continue to be the case," he said.
This was called into question when Prime Minister Theresa May made targeted the bank in her speech at a Tory party conference saying “a change has got to come”.