A group of software founders have warned that the increase in the wage level has put business growth and global tech leadership at risk, and that the UK government needs to reevaluate its visa policies.

Near the conclusion of the Conservatives' term, Centuro Global, an AI-powered SaaS platform for international business operations, has urged the incoming Labour government to reconsider the new visa regulations that were put into place earlier this year.

The new regulations were a component of a five-point plan to lower net migration, which also included raising the skilled worker visa wage threshold from £26,200 to £38,700.

The firm, which has invited other businesses to join the movement, said the hike in threshold has caused “major disruptions for UK businesses of all sizes.”

“The new Skilled Worker visa restrictions are another blow to the future generation of professional talent,” Zain Ali, chief executive and co-founder of Centuro Global, said.

Ali added: “The impact of the new rules continues to disrupt recruitment across the economy, and this sudden shift in UK Immigration Policy has left bright futures in limbo and dreams dashed.

“Can you imagine landing your dream graduate job only to have it snatched away at the last minute?”

The plea comes as some firms and graduates have already begun to face the effects of the new guidelines, with HSBC and Deloitte being the latest to reportedly withdraw job offers to foreign graduates of UK universities.

Zain added: “We believe that the change of government provides the perfect opportunity to reassess old policies and strike a new balance between political imperatives and business needs.

“Every revoked graduate job offer and highly skilled professional denied entry represents a long-term revenue loss for the Treasury and a missed chance to nurture talent and fund public services.

“A truly strategic immigration regime would not impose these cliff edges. We need a more balanced policy that nurtures talent and allows our unicorn firms to thrive. Otherwise, the promised end of the recession might be just another false dawn.”

A survey of over 200 senior business leaders by global relocation platform Jobbatical highlighted that more than half believe the new immigration policies “have harmed” UK businesses, with 60 per cent saying there is a need for more international workers.

A recent report by recruitment firm Hays also revealed that the UK is now among the top five countries to face a widespread shortage of talent.

Karoli Hindriks, chief executive and co-founder ofJobbatical, said it is “paramount” to address the skilled worker shortage in sectors such as AI, health, engineering and manufacturing.

Hindriks added: “While investing in education and training is crucial, we also need a robust strategy to attract international talent, particularly given the detrimental impact of recent immigration cuts. 

“We have an opportunity with this new Labour government to bring a fresh perspective that better aligns with today’s businesses. Modernising our outdated immigration system would be transformative and a sensible place to start.”