Foreign workers drag down UK wages, says bank chief: Carney’s explosive intervention as number of EU migrants working here hits 2million
Mark Carney, head of the Bank of England, issued stark warning
Influx of foreign workers is threatening economy by holding down wages
He said rates of immigration explained why pay rises have been subdued
By IAN DRURY and HUGO DUNCAN FOR THE DAILY MAIL
14 May 2015
A huge influx of foreign workers is threatening the economy by holding down wages, the head of the Bank of England warned yesterday.
In a dramatic intervention, Mark Carney said high rates of immigration helped explain why pay rises had been subdued for several years.
He said sluggish earnings were a key risk to the country’s recovery from the worst recession in a century. The comments coincide with the release of figures showing a record 4.8million foreigners work in Britain – making up one sixth of the labour force. Almost two million of them are from the European Union – another all-time high.
Workers from Poland and other former Eastern Bloc countries have taken 942,000 jobs.
Read more: http://www.dailymail.co.uk/news/article-3079786/Gloomy-Bank-England-downgrades-growth-forecast-Carney-signals-rates-rise-year.html#ixzz3aCwlEfY2
Well done for speaking the truth and confirming what Patria has been saying for years, Mr Carney. It’s only a pity you couldn’t have said this publicly before the general election.