Plans to double the cost of employing non-EU staff under a Conservative government have set alarm bells ringing in the UK's fintech community, which was already growing increasingly worried about its ability to attract and retain overseas talent.

Russ Shaw, founder of Tech London Advocates, a coalition of more than 4,000 experts aimed at promoting London as a hub for innovation, said the policy was not a forward-looking one and went against the spirit of a "global Britain".