Latest net migration numbers also just published 24 Aug
- net migration into UK down 81k to 246k in year to March 2017
Brexit uncertainty and lower pound seeing less migrants taking up residence/jobs in UK.
For years a stronger GBP has seen benefits for workers from Europe and around the globe as they send a large perenctage home to their families. Now it seems it's just not worth it and are going to work in countries like Spain, Germany and France instead.
- Net long-term international migration was estimated to be +246,000 in year ending (YE) March 2017, down 81,000 from +327,000 in YE March 2016; immigration was 588,000, down 50,000, and emigration was 342,000, up 31,000 (all statistically significant changes).
- More than half of the change in net migration can be accounted for by a decrease in net migration of EU citizens (down 51,000); this was driven by an increase (33,000) in emigration for EU citizens (in particular EU8 emigration up 17,000 (both statistically significant)) and a 19,000 decrease in immigration (not statistically significant)
- Of those who immigrated to work (275,000) in YE March 2017, the majority had a definite job (188,000) but fewer came to the UK looking for work (down 39,000 to 87,000 - a statistically significant decrease over the year); for emigration to work (182,000), people moving abroad for a definite job saw an increase of 21,000 to 122,000 (statistically significant).
Full report from the ONS here
Meanwhile GBPUSD still in session range and back up to 1.2804 from 1.2785 post-GDP lows as ERUGBP once again falls to test 0.9200
Brexit and lower pound having an impact on net migration to UK
