The Bank of England has announced that foreign workers are leaving Britain because the 12 per cent collapse in the GB Pound against the Euro since the Brexit vote has made working in the UK less attractive. This follows a report last week that construction workers at the redevelopment project at Battersea Power Station were leaving Britain because of the fall in value of the GB Pound. The report highlighted that annual net migration has fallen below 300,000 for the first time in two years. However, the Bank of England said that the weak GB Pound had benefitted a number of industries – “Demand growth was strongest in the automotive, aerospace, industrial chemicals, pharmaceuticals and construction products subsectors. A large proportion of that reflected activity in export supply chains. Goods export volumes growth had increased further. That reflected the fall in sterling and stronger world demand growth.” Restaurants, bars, hotels and tour operators have also reported fairly strong growth with more international tourists visiting the UK. There has also been a significant rise in domestic tourism, with the cost of foreign holidays increasing due to unfavourable exchange rates.
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