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UK economy flourished because of migrants, says Deutsche Bank

Posted on July 2, 2016
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Deutsche Bank

It was the migrants who helped the UK economy grow since 2008, according to a study conducted by Deutsche Bank.

The report, published on 29 June, entitled ‘Divided nation: why Britain voted for Brexit and what it means for sterling,’ revealed that employment rate touched a record high for native UK citizens in recent times.

ValueWalk quotes Oliver Harvey, Deutsche Bank analyst, as saying that there is no indication that UK-born jobs have been affected due to migration. Citing the economic recovery following the great recession of 2008, Harvey says that it would not have been possible without the contribution of migrants’ for employment to have grown inclusively since 2008.

It is opined that Brexit would have a negative impact on those particular parts of Britain, especially London and the South East, where the economy has grown.

Stating that Britain’s economic recuperation since early 2013 has been strange, Harvey says that employment increase has mostly driven the growth at the expense of workers output. This is said to be a puzzle that was bemusing the US Federal Reserve too.

He, however, states that the growth of jobs has not been uniform at all. While more than 50 percent of the job growth was seen in London and the country’s southern regions since 2013 and by over 66 percent since 2008, Scotland, Northern Ireland and the North East Britain have seen more unemployment than before the financial crisis.

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