The decline in EU immigration into the UK in the wake of the Brexit Turmoil has proven to be a massive boon for workers, with unemployment falling to the lowest level since the 1970s and UK wages surging:
Average wages are rising at the fastest rate in a decade and employment has reached a record high in the UK, according to official figures released today…
The Office for National Statistics (ONS) said total earnings were up 3.5%, including bonuses, despite expectations the labour market would be suffering more from the UK’s looming departure from the European Union.
Figures released by the ONS also show employment has soared to its joint highest level since records began at 76.1% of the working-age population. The official unemployment rate has dipped to 3.9%, the lowest since the mid-1970s…
Matt Hughes of the ONS said: “The jobs market remains robust, with the number of people in work continuing to grow. The increase over the past year is all coming from full-timers, both employees and the self-employed”…
Meanwhile, with the UK’s unemployment rate cratering, and wages rising, the government is being urged to open the immigration spigots to “help businesses access the skills they need” (read lower their wage costs):
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The list of occupations eligible for the UK’s non-European skilled work visas should be expanded “as soon as possible”, with the uncertainty caused by Brexit a major consideration, government advisers have said…
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.