The combined trade surpluses of other business services, including architecture and management consulting, are hefty, too (see chart). To win export business it greatly helps to have foreign staff who understand local regulations and culture, says Paul Davis, who leads an architectural practice with a staff of 100 from a variety of countries. His firm lost business when it could not extend the work visas of two Russian graduates. “Yes, there is unemployment among British architects,” he says. “But if you are trying to work overseas, you need to present yourself as an international practice.”
Restrictions applied to foreign students may do the most damage. Britain’s higher-education sector is a big exporter, second only to America’s. It generated £3 billion from non-EU students in fees alone in 2010-11, much of it from emerging markets such as China, India and Nigeria.
Four-fifths of students return home within five years of arriving, having made a connection that reinforces Britain’s position in global networks. Those who stick around for longer are a valuable source of high-skilled labour. Non-EU students are more likely to be postgraduates and to study science and engineering than indigenous ones. The tech start-ups around Old Street draw on this source. “Only half our staff are British but most of the rest came here to study,” says Mr Crow. The recent changes make it imperative to find a sponsor soon after graduation. But potential employers are often unclear about the rules and are wary.
The world’s brightest talents have plenty of options. Other countries are courting them. Australia has relaxed its rules on student visas. Canada gives three-year work visas to its graduates with master’s degrees. America’s appeal rarely dims. Its politicians may yet agree to allow more foreign-born science graduates to stay and work. Meanwhile Britain is at risk of scaring them off.