Insurance News Archive
New EU workers aid buy-to-let
Over the last two years over 600,000 people have come to the UK to work from the eight new EU countries, according to new government figures.
The Home Office has announced that 447,000 people applied for Worker Registration Scheme.
However, the number of self-employed workers could bring the number up to 600,000 and those not registered could take the figure even higher.
The government originally estimated just 13,000 people would arrive per year from countries including Poland, Slovenia and the Czech Republic.
The effect on the economy is said to be positive - with lower inflation credited to the new workers - and the buy-to-let sector has benefited as greater demand for rented properties has ensued.
Nationwide group economist Fionnuala Earley earlier this month explained: "Stronger tenant demand comes from increased numbers of immigrant workers and from people who choose a spell in rented accommodation to secure a property sale or as a lifestyle choice."
TUC general secretary Brendan Barber responding to the Home Office figures told BBC Radio Four's PM programme that the immigration was "undoubtedly positive".
He said: "Our economy has been growing, and the contribution that they make in delivering vital public services, in contributing to our economy generally, in contributing to our public funds that are available to develop our public services, the tax income that comes into the public purse from their economic activity, all of these things have been positive."
Those investing in property are reminded to ensure they have landlord insurance or buy-to-let insurance in place to protect their investments.
23 Aug 2006
