Global Future calculates that the fall in immigration costs 1 billion pounds per year. The loss of public finance decreases up to 12 billion pounds per year the time of 2023 according to the new analysis. The amounts are based on the debt and net borrowing factors of low and high immigration. The figures are forecasted under the scenarios of migration (high and low alternatively) by the Office of Budget Responsibility (OBR). The government immigration targets tens of thousands. It would also be claimed that more than the half (around 60%) out of the funds is promised to the NHS.
The migration was of 336,000 in June 2016 at the time of year-ending. It has fallen from its peak to 185,000 by the year 2021. It is estimated that if it decreases to 105,000, it would be compared to the surplus of 5.2 billion pounds.
Each reduction of 10,000 costs 150m pound in net migration is called ‘ready reckoner’. Global Future has used this estimate. By the end of September 2017, the latest figure of net migration has fallen to 244,000. If it remains the same or less than 100,000/year, the loss would be greater as it costs 1.35 billion pounds.
People think immigration is good for their economy and culture. They always go for the economic stability over the decline of migration. Shortage of staffs in health like services leads to a very careful and restricted immigration system by government.Net contribution in public finance will be constant when the migrants and non-migrants are of the same gender and age.
According to the OBR lower migration leads to higher taxes, lower public investment, higher borrowing and the self-defeating target of government decrease the net migration and it makes a giant hole in public finance. Other researches claim the consequences of the displacement of British employees and the rising costs of public services. It supports a reduction of immigration. So the government has been working to have more sustainable levels of migration as well as new immigration system.
Source: https://www.independent.co.uk
