85 Percent registered for Social Security 16th September 2011: The British government has endorsed a large increase in the arrival of Spanish immigrants looking for work. In the last financial year, up to April 2011, the Department for Work and Pensions noted that the number of Spanish arrivals registering for Social Security increased by 85 percent.
Even as Spain remains beneath countries such as Pakistan in the rankings, the latest figures show a significant and sudden leap – in previous years. At the same time Spain has not even figured in the top ten countries with the most immigrants in the UK.
These findings make Spain the country with the biggest growth in the number of immigrants to the UK, with its figures only behind Pakistan, Sri Lanka, Lithuania and Ireland.
According to the statistics, a total of 24, 370 Spanish people came into the labour market in the period. The figure does not include the number of Spanish studying in the UK, nor those in temporary work who did not pass their details to the Work and Pensions office.
Currencies Direct, experts in the field of currency exchange and international payments have noticed a 65 percent increase in Spanish nationals resident in the UK registering for their service.
UK government representatives believe this figure would only rise, in the ongoing economic crises of southern Europe; Spain has Europe’s worst unemployment rate – over 20 percent.
Jose Ivars-Lopez, Head of Marketing at Currencies Direct commented a large percentage of these new clients were signing up for the regular transfer plan. This suggested that at least some of their UK income was going back to Spain to settle expenses in the country. Lopez added “We can help them maximise the sterling they earn here when they transfer it back to Spain for mortgages or other payments.”
Lopez further elaborated that they also offer some great benefits on banking through their partnership with la Caixa bank.
If any of their customers open a Currencies Direct la Caixa account in Spain they can make immediate transfers to that account from the UK via Currencies Direct. No more clock watching, or cut off times.
It is unclear yet whether this will have a large impact on the labour force and economy in Spain, but Currencies Direct, with over 50 percent of its business based in Spain, is closely studying the changes in the regions surrounding its four offices and offering our free transfer service to both Spanish and British