‘New’ EU workers keeping interest rates down

Influential economic group, the Ernst & Young ITEM Club, has said the
influx of workers from the new EU member states has contributed to a
‘surprisingly robust UK economy’.

On the eve of the second anniversary of the accession of the ten latest
member states, Peter Spencer, chief economic advisor to the ITEM club, said the
steady flow the steady influx of workers was keeping interest rates a half a per
cent lower than they would otherwise have been.

‘From Poland to Slovenia these individuals have plugged gaps in a variety of
industries, from agriculture to hospitality and catering with nearly 300,000
immigrants taking new jobs in the UK in the last 3 years,’ Spencer said.

He added that a direct result of this was that the UK workforce had become
‘younger, more flexible and economical, easing the pensions burden and keeping
interest rates lower than many commentators could have predicted’

Related reading