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Skilled foreign workers boost economy, says Lloyds Bank

Highly-skilled workers from abroad are filling many senior and technical roles in the UK, contributing up to £210 billion to the economy, according to a report by Lloyds Banking Group.

The Report on Inward Talent suggests the number of professionals in the UK who were born abroad has increased from 7.3% in 1997 to 15% in 2014. The number of employees who have come from overseas is now 4.6 million.

London has the largest proportion of foreign workers, with 41% based in the capital. The North East has the lowest proportion with only 2%.

The sector with the highest number of foreign workers is 'public administration, health and education'. It has 1.1 million foreign workers, which is 14% of the sector's workforce.

The report also suggests foreign nationals are more likely to work in professional services than those born in the UK. Almost one-third (31%) of US citizens 29% of French are in professional occupations compared to 17% of domestic employees.

The economic impact of the workers is measured in gross value added (GVA). It suggests overseas workers account for 15% of the total GVA for UK workers, the equivalent of £210 billion.

Lloyds Banking Group head of client propositions, UK and international wealth Jamsheed Poncha said the report showed 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," he added.