According to recent study, the UK may have to compete for highly trained people in sectors including finance and technology. According to a research by recruitment company Hays, it is one of the top five nations experiencing a widespread talent shortage.

Finding workers for high-demand and growing roles could present significant issues for the UK in the future, along with New Zealand, Portugal, Canada, and Switzerland.

However, among all the sectors it examined, the US, China, India, Germany, and Brazil are among the top five talent networks.

Hays said it collected a large global dataset using job adverts and candidate profiles from 31 countries.

It then examined five sectors it viewed as the strongest in terms of how they are adapting to rapid digital transformation. These were technology, engineering, manufacturing, life sciences and financial services.

The analysis found that the UK has a “pressing need” to address its skills shortages or it risks falling behind international peers.

“To ensure the UK can continue to compete on the global stage, it needs a steady supply of talent with the right skills,” said Nigel Kirkham, the chief executive of enterprise solutions at Hays.

The competitiveness of the UK as a place for growth and innovation has been a focal issue for both the current and former government.

Chancellor Rachel Reeves said delivering economic growth is “our national mission” and identified the financial services sector as being “at the heart” of its growth agenda.

Meanwhile, recruiting has slowed down over the past year, according to recruitment agencies like Hays.

They claim that because of the political and economic unpredictability, as well as the pressures of rising costs that are straining their budgets, many firms have been hesitant to hire new employees.