It calculated that the UK economy is expected to benefit from £77 billion by this date. Their work, as well as the jobs their spending supports, will account for 4.7% of the UK’s total gross value added (the difference between the value of goods and services produced and the cost of raw materials used in production).
Harvey Nash predicts the number of skilled immigrants will rise to 812,000 in 2012 – an increase of 14% over the next four years. Immigrants already account for 2.5% of the country’s total workforce. This is expected to rise to 2.8% by 2012.
The IT, telecommunications and transport sectors in particular are expected to benefit from the workers, the majority of whom come from the EU. London will continue to be the biggest beneficiary.
“Far from undermining the UK labour market, migration is vital to future economic stability, helping to fill in the gaps created by older and under-skilled workforces,” says Harvey Nash chief executive Albert Ellis.