HSBC and Deloitte have recently rescinded job offers to foreign graduates in the UK, citing the government‘s new stringent visa regulations. This move follows the government’s increase in the salary threshold for skilled worker visas, from £26,200 to £38,700 for general workers, and to £30,960 for individuals under 26.The Financial Times interviewed affected graduates, some of whom had invested significant sums in their UK education, who expressed disappointment. One individual told FT that they rejected three other job offers and spent £50,000 on university fees, but now was facing the prospect of returning to their home country. HSBC’s withdrawal of offers specifically impacts graduates in the digital innovation sector slated to work in Sheffield. Deloitte, which hired over 2,700 staff last year, revoked about 35 offers, representing 3% of its incoming autumn graduates.

The UK government’s decision aims to reduce high levels of legal migration. However, this has led companies to reassess their recruitment strategies. KPMG had already cancelled contracts for foreign graduates the previous month. HSBC consulted with EY to review the visa eligibility changes, while Deloitte noted that the new criteria rendered some roles ineligible for visa sponsorship.

The Migration Advisory Committee recently advised against discontinuing the graduate visa program, which permits overseas students to work in the UK for two years post-graduation. This visa policy shift comes as immigration remains a top voter concern ahead of the next general election, with the ruling Conservatives trailing behind Labour in the polls.

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According to the Financial Times report, some HSBC graduates received impersonal automated messages from human resources, with no detailed explanation of the job offer withdrawals. HSBC acknowledged the situation, stating they must adhere to market regulations, and are in discussions with those affected. Deloitte and EY have declined to comment on the issue.