Commenting on the government's newly announced policy on the number of skilled migrants from outside the EU allowed into the UK, Colin Stanbridge, Chief Executive of the London Chamber of Commerce and Industry (LCCI) said:

"While we are pleased that the government has listened to business on intra-company transfers, we are still concerned that the lack of flexibility inherent in a cap will have a detrimental effect on London's competitiveness and productivity."

The government's decision to reduce Tier 1 to just 1000 people a year was an unwelcome surprise which will deprive London of some the brightest and best professionals in the world."

"We will continue to lobby the government for an immigration system that minimises damage to London based firms and in the months to come we will be closely monitoring the effect the cap is having on the capital's economy."