HSBC and Deloitte are the last to withdraw job offers for British graduates due to new immigration rules

HSBC and Deloitte have reportedly withdrawn job offers to overseas graduates from UK universities as the impact of new visa rules continues to cause disruption to recruitment across the economy.

The reason for the withdrawals is the significant increase in the salary that must be paid to “skilled workers” – from £26,200 to £38,700 for those under 26 – in order to be allowed to stay in the country.

KPMG took a similar step last month.

The changes have forced employers to reconsider their job offers for employees below the salary threshold, particularly affecting those just starting out in their careers.

The Financial Times first reported the story.

HSBC hires around 700 graduates every year.

The FT reported that HSBC's decisions had an impact on the digital innovation department in its Sheffield office, while Deloitte is said to have withdrawn offers from around 35 foreign students.

Earlier this week, business groups the alarm about the new rulesand said uncertainty about whether or not graduates would be able to stay in the UK risked damaging the higher education sector.

Karim Fatehi, chief executive of the London Chamber of Commerce and Industry (LCCI), said: “In London alone, international students bring a net economic benefit of £9.59 billion every year and we are very encouraged by the recommendation to keep this path as it is.”

He added: “At a time when skills shortages are crippling the workforce, the Government must do everything in its power to ease this pressure on businesses.

“This includes improving the academic environment in the UK so that there is a workforce to fill this shortage after graduation.”

HSBC informed the FT “Due to changes to the rules for applicants for sponsored visas to work in the UK, we are unable to extend a small number of offers to candidates on our graduate programme this year. This is disappointing for both the candidates affected and HSBC as we must comply with the regulations of all the markets in which we operate. We are currently in discussions with those affected.” Deloitte declined to comment.