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Report: UK finance sector seeks special visa waiver after Brexit

The U.K.'s finance industry has asked the government to offer a special, post-Brexit work visa waiver to foreign staff posted to Britain for less than six months and to avoid rigid caps on workers in the sector from the EU.

The proposals are contained in a report by TheCityUK, a nonprofit organization that promotes Britain's financial services sector, Reuters reported May 11, citing industry sources.

The newswire described the report as the most detailed position paper on Brexit yet made by the finance industry to the U.K. government.

The report lists how the industry wants immigration policies to look after Brexit, and it will be shared with the Home Office and the Treasury. Its key proposal is that staff posted to the financial sector in Britain be able to come and go freely for up to six months before they need to apply for a work visa.

At the moment, citizens of EU states can be hired without any of the red tape that companies deal with when employing someone from outside the union. However, the financial sector is concerned that after Brexit, the same rigid caps that apply to non-EU citizens will be imposed on working immigrants from the EU, Reuters reported.

The document will be formally revealed May 21 at an event where Immigration Minister Caroline Nokes is due to deliver a keynote address.