No restrictions on highly-skilled professionals to keep economy growing
28th June 2010: Professionals won’t be affected by the cap, says the Government.
Home Secretary Theresa May has made it clear that there will be no restrictions on highly-skilled professionals who create wealth, including entrepreneurs and employees of multinational companies. This is to keep the economy growing.
With this, it is almost clear that high-earning professionals may eventually be left out of the immigration curbs, which come at a time when a report says cap on immigration may not be the right solution.
The report suggests a decline in UK immigration, and an aging population, will be a matter of economic concern by 2014.
Apprehensions have been expressed that the two factors cause a slowdown in growth.
The report, based on information from the Office for National Statistics, also indicates the UK economy is not recovering as fast as expected.
The UK’s wealth will grow by 2.6 per cent in 2011. The figure predicted by the Treasury in March under Labour was between 3 and 3.5 per cent.
The Office for Budget Responsibility is insisting that the changing demographics in the coming years have a deep effect on the UK economy’s capability to grow. The resulting weak pound and low job prospects will discourage migrants from coming to the UK.