Fall in Pound Sterling pushing out migrants

pound-sterling-money-coins-notes.gifMore EU migrants are already leaving Britain because the fall in the Pound Sterling is affecting their wages; it was reported in London on Wednesday.

The head of UK staffing giant, Andy Hogarth, who recruits thousands of EU migrants yearly, was quoted by the Evening Standard newspaper on Wednesday as saying that people were deciding to go home because they felt “unwelcome” in Britain after the EU referendum.

Many workers send money to their families back home, but the dwindling pound has cut its spending power in the Euros.

“We employ a lot of eastern Europeans and the money they were earning pre-Brexit is now worth 85 per cent to 90 per cent what is was. Our two biggest clients say they are losing good middle managers because they’ve decided they don’t want to be here anymore and that’s really sad. I like to be in a country where we welcome people”, Hogarth was quoted as saying.

Staff line makes about 80 per cent of revenues from its staffing division, which engages workers on farms and factories to service Britain’s food giant industry.

An estimated three in four workers the company recruits are EU nationals.

Hogarth, according to the Evening Standard, warned that the UK economy “would drop just stop” if 2.3 million EU migrant workers decided to leave the UK but added that reforms to welfare may get more Brits back in work to stem the problem.

Staff line reported a 26 per cent rise in revenue to GBP882.4million for the year ending December 2016 and 30 per cent jump in underlying pre-tax profit to GBP36.7million.

The dividend was hiked nearly a third to 25.8 Pence, and the growing pay inflation this year may lead to more temporary work as companies try to slow rising wage bills, said the company.

From Alberto Mario Noretti, London

 

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