Today, Centre for Economics and Business Research (CEBR) on behalf of Lloyds bank has reported that skilled foreign workers are responsible for an increase of £21obn a year generated by the UK economy. The report shows that over the last 10 years the total number of non-UK-born individuals in employment has increased from 2.6 million in the first quarter of 2004 to 4.6 million in the first quarter of 2014.
Jamsheed Poncha: Research clearly Demonstrate the Strength of the UK Economy
Lloyds bank has stated that the report proves that skilled migrant workers are proven to be the driving force in the UK economy. Showing that migrant workers are providing an estimated £210bn boost to the UK economy annually and driving 15% of all output.
The report has also revealed that the number of skilled migrant workers in the UK has grown from 2.6m in 2004 to 4.6m in 2014. Jamsheed Poncha, head of client services at Lloyds Bank put forward his opinion of the findings of the report:
“The findings of the research clearly demonstrate the strength of the UK economy and its ability to attract a highly qualified professional workforce from around the world. The contribution inward talent can make to key industries is impressive as it ultimately helps the economy to prosper even more.”
A regional breakdown of the data showed that foreign workers were key to the London economy, with more than 40% of all inpats working in the capital.
Skilled Migrants more likely to Work in Senior Positions
The report found that the most qualified workers that enter the UK are from the United States. With 57% of the US born adults in the UK obtaining qualifications at level 4 or above. In contrast, just 26% of UK born nationals have level 4 qualifications or higher.
Inpats who enter the UK and gain employment are more likely to work in senior or highly skilled positions such as managerial and technical roles than UK nationals are. As the report shows an estimated third of US nationals are working in a professional occupation, such as engineering or IT, while almost 75% of workers were in managerial, professional or associate professional and technical jobs, which includes paramedics and lab technicians.
Jonathan Portes, director of CEBR questioned David Cameron’s plan to reduce migration in the UK:
“All the evidence suggests that forecasting migration is very, very difficult – which is one of the reasons why it was stupid to have a target in the first place. Is it impossible that [Cameron’s] target could be met? No. We could have another financial crisis and the labour market could collapse or the eurozone could suddenly, miraculously recover, and Italians, Spanish and Greek people would go home because their economies are thriving. That doesn’t seem very likely, but it’s not impossible.”
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