Thursday, October 23, 2008
High immigration levels will support high house prices…. not
The rise of the Polish zloty against the pound has meant that some Poles can earn almost as much in their native country as in the UK. A third of the Polish people living in the British Isles will leave the country next year, driven out by the recession. In their home country job prospects are better and the economy has not been hit by the credit crisis. Such a large-scale withdrawal could damage the British economy. The departure of so many skilled workers could prompt fears that building sites will face a major labour shortage. The extensive building programme ahead of the 2012 London Olympics could also be at risk. Polish labour agencies are already reporting that the trickle of returning countrymen is steadily turning into a flood.