The Bank of England has admitted that mass immigration is a key driver of rising rents in the country, further undermining the neoliberal intelligentsia’s claim that waves of unfettered immigration will bring economic prosperity.
Following the Bank of England’s decision to keep interest rates at 5.25%, Hugh Pill, the central bank’s chief economist, rejected the idea that rising rent prices in England were simply a function of monetary policy, saying the cost pointed out that: Not enough housing is being built to accommodate the historic levels of immigration allowed under the so-called Conservative government, making it more subject to supply and demand.
“The population is growing…Rent prices reflect supply and demand factors to some extent. [and] “It reflects things that have nothing to do with monetary policy,” Pill said. Said according to telegraph paper.
The Bank of England’s top economist said a “significant increase in immigration” was driving up this demand, putting further pressure on the housing market, with net immigration set to reach a record 745,000 in 2022.
“We don’t build enough houses in this country. A big part of the reason we don’t build enough houses and housing in this country. [because] There are a lot of issues with planning and so on.
“So there is a supply constraint, which I think is probably not coming from monetary policy, but from other policy choices… and at the same time, we’ve been facing an increase in demand recently. , and this trend is increasing.”
The comments come as neoliberal globalists within the UK government, led by anti-Brexit and mass immigration supporter Jeremy Hunt, have largely focused on high taxes and meager spending cuts as the UK emerges from recession. This was issued in praise of the economic performance of the country. After two consecutive quarters of negative growth, the growth rate was only 0.6% in the first quarter of this year.
“The last few years have been difficult, but today’s growth rates demonstrate that the economy is returning to full health for the first time since the pandemic,” the Treasurer said. Said.
Hundreds of thousands of new homes will be needed to meet demand, with mass migration putting ‘unbearable’ strain on housing market https://t.co/WMsP5aqqOx
— Breitbart London (@BreitbartLondon) May 29, 2023
But while governments around the world often point to a country’s GDP as the main indicator of their economic health, a more accurate snapshot is GDP per capita. Because even if national GDP rises, the average individual may still have a low level of GDP. becoming poorer.
according to calculation According to information from the BBC, the latest figures from the Office for National Statistics (ONS) show that GDP per capita was 0.7% lower than last year, taking into account inflation and population growth, mainly due to large-scale This is due to immigration. In other words, the average Brit is now £100 poorer than they were a few years ago.
The disparity was highlighted in a report published this week by think tank Center for Policy Studies (CPS), which found that while the UK’s national GDP rose by 0.1% last year, GDP per capita fell by 0.8%. There was found. This was well below the G7 average of 1.2%, despite the UK having the second highest rate of population growth due to immigration.
“If the kind of mass migration we have seen is really great for the economy, we need to ask ourselves why it is not showing up in per capita GDP data,” CPS noted.
The report further reveals that migration now accounts for around 89% of England’s 1.34 million rising ‘housing shortage’, with more homes being built to meet population growth and demand. Tracking the gap between the lack of.
There is little appetite from either major party to reverse the trend of large-scale immigration, and the problem is likely to get worse, with the ONS predicting in January that Britain’s population would grow by an additional 10% by 2036, largely due to immigration. We predict a percentage increase. The population has reached nearly 74 million people, an increase of more than 6 million people from current levels.
Breaking the narrative: Mass immigration doesn’t boost economic growth, report finds https://t.co/26juD59MD0
— Breitbart London (@BreitbartLondon) May 9, 2024
