• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

The business impact of the loss of UK migration

Last week, the inevitable happened. The latest figures released by the Office of National Statistics showed that net migration to the UK now stands at 273,000 for the year to September, a massive drop of almost 50,000 from the previous year. In truth, these results should surprise no one. Given the result of the Brexit […]

Jack Peat by Jack Peat
2017-03-03 13:08
in Business, News
FacebookTwitterLinkedinEmailWhatsapp

Last week, the inevitable happened. The latest figures released by the Office of National Statistics showed that net migration to the UK now stands at 273,000 for the year to September, a massive drop of almost 50,000 from the previous year.

In truth, these results should surprise no one. Given the result of the Brexit vote, the endless negative migration headlines in the press and the increasing levels of xenophobia, it’s fair to say that the UK isn’t exactly rolling out the red carpet for migrants these days. But when you dig behind all the anti-migrant rhetoric, the devastating economic impact of this decline is clear to see.

  • Fact: two-thirds of migrants coming to work in the UK already have a job offer when they arrive.
  • Fact: migrant workers pay more in taxes than they take out in state benefits. That contribution, valued at £2 billion a year, is helping to fuel Britain’s economic growth.
  • Fact: more than 50 per cent of migrants are already graduates when they arrive in the UK.
  • Fact: if every migrant withdrew their labour for a day, it would cost the UK £328m – Four per cent of the country’s GDP.
  • Fact: 16 per cent of the UK workforce was born overseas.

Back in February, the One Day Without Us campaign saw tens of thousands of migrants downing tools and going on strike for a single day to highlight the enormous contribution they make to the UK economy – whether that be fixing a boiler, teaching in a primary school, treating patients in the NHS or coding for a tech start-up.

And many companies in the UK are founded by migrants too. According to figures from independent think-tank the Centre for Entrepreneurs, more than 450,000 UK businesses have been founded or co-founded by migrant entrepreneurs. Add these together and they make up a staggering one in seven of all UK firms, employing at least 1.16 million people.

TLE

When I first came to the UK from Poland, I was one of those migrants who didn’t have a job – but like many entrepreneurs, I arrived with the drive to start something positive. And in 2012, I did just that when I co-founded Azimo. Five years on, it’s a hugely successful digital money transfer business that’s just been named as one of the 26 new companies to join Tech City UK’s prestigious Future Fifty programme, which showcases 50 of the country’s most talented tech firms.

We now employ 90 staff and are among the fastest-growing FinTech companies in Europe. But despite being London-based, 38 per cent of our amazing workforce was born abroad. It helps us to understand the different cultures and backgrounds we deal with every day and also keeps us grounded as a team. And we’re not alone, of course. The founders of fellow start-ups such as Citymapper, YPlan and Farfetch also moved to the UK, built multi-million dollar businesses and created many jobs along the way.

London has long been regarded as the FinTech capital of Europe, but the stark reality is that this position at the top is now under serious threat. We’re already facing a chronic digital skills shortage in the UK, at an annual cost to the economy of around £63 billion in lost income, and it’s estimated that at least another 750,000 digitally skilled workers will be needed to meet the rising demand from employers over the next few years.

The London Economic

RelatedPosts

Unite secures 28% pay rise for hundreds of Luton airport workers

Woman dies from hypothermia after telling her doctor she ‘couldn’t afford heating’

Serving Met Police officer pleads guilty to child sexual offences

BBC chairman set to be grilled by MPs amid questions over Boris Johnson loan

It’s thought that 12.6 million UK adults lack basic digital skills, while 5.8 million have never used the internet at all – proof if it was still needed that healthy migration is absolutely key to innovation, especially within the tech industry. These statistics are alarming enough, but I’ve also had plenty of conversations with other Polish entrepreneurs and there is a noticeably increased reluctance about moving their business to the UK post-referendum.

I’ve always found Britain a friendly, welcoming place to live and work, and I have no regrets about choosing to start my business here. In fact I’m very proud to have set up my business here.  But the muddled messages from the Government towards post-Brexit immigration are only serving to make matters worse. While we can’t undo the EU vote, we can counteract the fact that skilled migrants no longer want to come here. We should be focusing on welcoming and nurturing talent, rather than pulling up the drawbridge – it’s better for British business and, ultimately, better for the country as a whole.

By Marta Krupinska, GM and Co-Founder, Azimo

Please login to join discussion

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Streatham attack is an ‘ultimate failure of policy’ says London Bridge victim’s dad

Beer of the Week: Small Beer Brew Co. Session Pale

Boris Johnson goes into self-isolation just as he tries to relaunch premiership

Concerns shoppers are panic buying again as fears of national lockdown grow

This is a government that doesn’t believe in accountability – Bercow

High Court judge rules phones boxes need planning permission in landmark case

‘That’s our job’: Historians hit out as ministers rage at ‘attempts to rewrite past’

Brits are enjoying ketchup, mayonnaise and yoghurt with their roast dinners

TV star shouted “My name’s John Alford, I’m fighting Rupert Murdoch & corrupt police officers” as he was arrested for hijacking bin lorry

Scotland private sector growth at lowest since April – here’s why

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.