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I haven't seen convincing evidence that restricting access to skilled overseas labour incentivises companies to invest in domestic training. There's an equally compelling argument that restricting skilled labour supply just depresses productivity and reduces the UK's competitiveness.
I don't think you can rely on the private sector to provide the skills the modern economy needs - that's the job of government, and you'd expect a Labour government to recognise that.
Because most businesses will take the cheap option, and if they can get someone with ten years experience from abroad for the same price as the person you'll have to train up in the UK then there is a pretty good chance that they'll be taking that cheaper option.