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Emigration and Economic Woes in Britain
The Return of the Ten Pound Pom?
Britain is experiencing the greatest exodus of its own nationals in recent history while immigration is at unprecedented levels, new figures show.
In 2007, 207,000 British citizens â€” one every three minutes â€” left the country and currency specialist Foreign Currency Direct has revealed that one in four working Brits are now looking to leave the country for sunnier climes and better job opportunities.
More British live abroad than any other nationality and the levels of emigration are now the same as those seen in the late-1950s when the Â£10 Poms left for Australia.
An increase in tax levelled at high wage earners coupled with rising UK unemployment is thought to be partly behind the mass exodus.
In addition, Britain is now officially suffering fromÂ deflation, which means the economy is going off the rails:
Inflation on the Retail Prices Index (RPI) measure, which includes housing costs, dropped sharply to -1.2pc in the year to April, from -0.4pc in March, the Office for National Statistics (ONS) said on Tuesday.
It was the lowest RPI figure since records began in 1948, and weaker than economists had expected.
The main driver of the fall was lower mortgage interest payments following the Bank of England’s decision to cut interest rates by half a percentage point to 0.5pc in March, the ONS said.
Other contributing factors were falling house prices and rental costs, lower council tax costs, lower gas and electricity bills and falling food prices.
Housing-related costs fell by a total of 12.1pc in the year to April.
Sounds like good news doesn’t it? Cheaper housing, food, and cost of living expenses, what could be better? Unfortunately, deflation means that the economy is slowing down so job losses are going up:
Although in the short term falling prices will appeal to consumers, RPI is used to calculate wage increases so the sharp fall in April is likely to add to downward pressure on salaries already caused by higher unemployment and falling corporate profits.
“As a result, many workers are likely to wage freezes or even pay cuts,” said Howard Archer, chief UK economist at IHS Global Insight.
Deflation poses a further threat to the economy if people expect prices to fall further and put purchasing plans on hold which can, if the trend persists, lead to lower output and even more job losses.