Natasha Catterson

They are not the first and will not be the last, according to international immigration law firm Fragomen, which advises businesses on global mobility.

Natasha Catterson, partner at Fragomen, said: “This increase to the skilled worker salary threshold is quite staggering and raises concerns that the government’s attempts to lower net migration figures are taking precedence over economic need.”

She highlighted that the new £38,700 threshold, particularly outside London, surpasses average wages and is “simply unaffordable for many businesses”. Ms Catterson pointed out that the UK’s immigration system is already among the most expensive globally, and this increase will likely deter overseas recruitment for some companies.

She added: “The UK’s financial services sector looks to recruit the best talent from around the world, competing with other global financial centres. It is clear that this policy is making the UK a more expensive and less attractive place for global talent and that can only benefit other financial centres in Europe.

“Global businesses with international talent pools are actively considering what functions make economic sense to have in the UK. We should not be surprised if we see more businesses across many sectors follow.”