Monday, June 23, 2008
Eastern European workers leave Britain, no effect on rental demand?
British government data show that work applications from the eight east European countries that joined the EU in 2004 were down 13% in the January to March period from last year. "The Polish zloty has appreciated by about 40% against the British pound since 2004. Given the cost-of-living differential between the two countries it makes little sense to be an economic migrant now in the UK," said Michael Dembinski of the British-Polish Chamber of Commerce. Poland's economy grew by 6.1% in the first quarter of 2008, Slovakia's by 8.7% and the Czech Republic's by 5.4%. Britain, battered by a global credit crunch and tumbling house prices, is expected to grow by just 1.8% in 2008. Polish corporate sector wages were up 12.6% in April from a year before.