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Peer wants revised salary cap for migrants

THE incoming boss of Britain’s biggest business lobby has urged ministers to drop former prime minister Theresa May’s proposed £30,000 minimum salary threshold for skilled migrants.

Lord Karan Bilimoria, president-designate of the CBI, said the requirement was “impractical” and claimed it was also “ruining” the south Asian restaurant trade in the UK.


He also warned the move would hit the NHS and construction and leisure sectors hardest.

Chancellor Sajid Javid had indicated the threshold could be reviewed while he was home secretary in May’s government.

Lord Bilimoria, 57, said: “An open economy like Britain has had access to the best talent- including the European Union.

“The public sector wouldn’t survive without them- there are 130,000 EU workers in the NHS and care sector alone.

“In the Indian restaurant sector, we have struggled with the immigration rules at the moment, because restaurants can’t bring in the chefs they need.”

The £30,000 threshold for skilled workers was put forward in a white paper last December despite opposition from some of May’s cabinet, who argued it should be lower.

Lord Bilimoria also hit out at Johnson for his “f*** business” comment in response to corporate concerns over a no-deal Brexit. He said: “He shouldn’t have said it. It really cheesed me off and cheesed business off.

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The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.

(Photo: Reuters) Reuters

FCA fines former Carillion finance directors £371,700 for market abuse

Highlights

  • Richard Adam fined £232,800 and Zafar Khan fined £138,900 for reckless conduct.
  • Pair aware of financial problems but failed to inform Board, audit committee or market.
  • Fines follow withdrawal of challenges after FCA found Market Abuse Regulation breaches.

The Financial Conduct Authority has fined two former finance directors of collapsed construction giant Carillion a total of £371,700 for their roles in issuing misleading market statements.

Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion's UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, the regulator found.

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