The decline of immigrants to the UK is costing its economy £1 Billion+ annually as per the latest analysis by Global Futures, an independent think tank. This organization endorses the benefits of openness. It has calculated that the loss to the UK public finances translates to 18,000 Doctors or 23, 000 nurses.
GF Report further reveals that if the immigration target of a reduction of immigrants by 10s of 1000s is met, the results will be disastrous for the UK. It will cost the UK £12 Billion annually by 2023. This is equal to 60% of the funds assured by Theresa May to the NHS as a part of supposed ‘Brexit dividend’.
The statistics are as per the Office of Budget Responsibility forecasts. This is for impact on net debt and borrowing under diverse scenarios of high and low immigration, as quoted by the Independent Co UK.
Director of Global Futures Peter Starkings said that decline of immigrants hits the UK public finances hard.
The OBR estimates indicate a surplus of £16 Billion. This is if the net immigration declined from its peak 336,000 in 2016 June to 185, 000 by 2021. The surplus will be £ 5.2 Billion if it decreased to 105, 000 by 2021.
The Global Futures used the OBR estimates to create a ready-reckoner. This is for a cost of £ 150 Million for every decline of 10,000 in net immigration to the UK. It translates into a cost of £ 1.35 Billion annually if net immigration remains the same. The losses incurred will be even enormous if it is decreased to 100,000 annually.
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Decline of immigrants costing the UK Economy £1 Billion+ annually
Posted on July 24, 2018