Foreign professionals, or “inpats”, produce £68 billion in gross value added in the financial and business services sector, making 18 per cent of its total GVA.

Foreign professionals, or “inpats”, produce £68 billion ($112.8 billion) in gross value added in the financial and business services sector, making 18 per cent of its total GVA.

In a report by Lloyds Bank, this made up inpats’ largest contribution to GVA of any sector, with a total £210 billion generated by foreign professionals in England and Wales, 15 per cent of the economic output generated nationwide.

The report cites 2011 Census data, which found that 300,000 European inpats are working within the finance and business services sector.

With 41 per cent of non-UK-born workers employed in London, Lloyds states that inward talent “tends to be based in the faster-growing regions of the country”, to the UK’s economic benefit.

Non-UK-born workers now make up 15 per cent of the total workforce, a rise from 9.1 per cent in 2004. In figures, this is a rise from 2.6 million ten years ago to 4.6 million today.

According to Lloyds, inpats are more likely to work in highly skilled or senior positions than UK nationals are. The nationalities that top the employment rankings are inpats from Oceana and Canada, with 34 per cent of employees in the UK having professional roles. This is double the amount of UK-born citizens in similar roles, which totals 17 per cent. Comparatively, 31 per cent of Americans are in professional occupations in the UK, as are 29 per cent of French nationals.

Lloyds attributed this to the qualification levels inpats possess. While 26 per cent of UK-born individuals have level four qualifications or above (equivalent to a year of undergraduate study), 57 per cent of US inward talent have qualifications at or above level 4.

“The findings of the research clearly demonstrate the strength of the UK economy and its ability to attract a highly qualified professional workforce from around the world. The contribution inward talent can make to key industries is impressive as it ultimately helps the economy prosper even more,” said Jamsheed Poncha, head of client services, UK Wealth at Lloyds Bank.