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  • Anforme What Economic Effect does Migration have on the UK Economy?

Anforme What Economic Effect does Migration have on the UK Economy?

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Maziar Homayounnejad of Queen Elizabeth’s School, Barnet, examines the extent of the net inward flow of migrants to the UK and whether this is beneficial or adverse in respect of the impact on various economic outcomes.

Summary of Key Points:

  • Net migration remains one of the most significant factors contributing to rising population levels in the UK, which in turn has an impact on labour markets, the macroeconomy, the fiscal position and the availability of public services and the housing market.
  • Theimpactonlabourmarketshasgenerallybeenpositiveaslow-skilled migrants have taken jobs that UK workers found unappealing, while skilled migrants have filled vacancies in areas where there is a skills gap.
  • In turn, migration has enhanced UK economic growth, kept inflation low and the trade deficit lower than would otherwise be the case, while having no significant impact on unemployment levels.
  • Overall, migrants pay more in taxes than they draw on government spending, thus making a net fiscal contribution to the UK exchequer.
  • However, due to migrants concentrating themselves in a small number of local areas (perhaps as a part consequence of the ‘low-skill equilibrium’), public services such as schools and hospitals in those areas have come under increasing pressure.
  • Inward migration has also boosted the demand for housing without a corresponding increase in supply and this is forecast to continue into the foreseeable future. In the private sector, this has led to significant rises in house prices and rents, while in social housing there has been a lengthening of waiting lists.

This article is from ET 18 Issue 1.

Maziar Homayounnejad of Queen Elizabeth’s School, Barnet, examines the extent of the net inward flow of migrants to the UK and whether this is beneficial or adverse in respect of the impact on various economic outcomes.

Summary of Key Points:

  • Net migration remains one of the most significant factors contributing to rising population levels in the UK, which in turn has an impact on labour markets, the macroeconomy, the fiscal position and the availability of public services and the housing market.
  • Theimpactonlabourmarketshasgenerallybeenpositiveaslow-skilled migrants have taken jobs that UK workers found unappealing, while skilled migrants have filled vacancies in areas where there is a skills gap.
  • In turn, migration has enhanced UK economic growth, kept inflation low and the trade deficit lower than would otherwise be the case, while having no significant impact on unemployment levels.
  • Overall, migrants pay more in taxes than they draw on government spending, thus making a net fiscal contribution to the UK exchequer.
  • However, due to migrants concentrating themselves in a small number of local areas (perhaps as a part consequence of the ‘low-skill equilibrium’), public services such as schools and hospitals in those areas have come under increasing pressure.
  • Inward migration has also boosted the demand for housing without a corresponding increase in supply and this is forecast to continue into the foreseeable future. In the private sector, this has led to significant rises in house prices and rents, while in social housing there has been a lengthening of waiting lists.

This article is from ET 18 Issue 1.

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