A country-wide survey of the UK’s top CFOs has found that “skills shortages” are more of a concern for British businesses than Britain’s potential exit from the EU, economic issues in China or severe austerity measures imposed by the UK government, City AM has reported.

This concern is reflected by companies globally. Digital skills such as coding are in increasingly high demand and the world’s workforce is struggling to keep up. “Ask any board director in Asia or any recruitment consultant in Sydney,” said Anton Colella, CEO of the Institute of Chartered Accountants of Scotland (ICAS). “Whoever solves this fastest will gain a global competitive advantage.”

The potential for service providers located in countries that are first to address this skills crisis is also huge, as buyers of outsourcing will be likely to flock to suppliers with the best access to digitally skilled employees. Accordingly business leaders throughout the UK are calling for the government to stop being so restrictive with visas for foreign workers, as it is at risk of cutting off Britain’s access to a wider pool of digitally talented workers.

Only the “depressed oil price” was a higher concern for the financial chiefs surveyed. The poll was carried out by ICAS and DLA Piper. This news comes as the growth of the UK’s services sector slows to its lowest rate in over two years, raising concerns over the health of the UK economy.

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