Commenting on today’s statement by the Home Secretary the Lord Mayor of the City of London, Michael Bear said:

"Immigration is an emotive issue that provokes broader public concerns about its impact on jobs and communities. But the City operates in a global business environment and international firms need the flexibility to recruit the best people.

"The Government has listened to legitimate business concerns, particularly with regards to intra-company transfers, and we appreciate that. We now wait to see how this measure will be implemented. The devil, as always, will be in the detail.

"London is a truly international city, home to talented individuals from all corners of the globe, and we must ensure it remains so for many generations to come."

The City of London’s Policy Chairman, Stuart Fraser, added:

"The Government made a specific pledge to reduce immigration and the City understands this is a pledge that must be kept.

"However, immigration, along with regulation and taxation, has long been an area of concern for the international business community.

"The City has a history of openness - to the top firms and the top people from around the world - long may this continue. Highly skilled workers are not a burden on the state; they generate wealth and are positive contributors to the UK economy and indeed to wider society.

"Obviously a balance has to be struck and these proposals go a long way in providing the certainty and predictability international firms will require if they are to continue to invest in the UK in the years to come."

Sanjay Odedra