Brexit Is Affecting Labour and Migration Market

The exit of the United Kingdom from the European Union is still a little over a year away. However, there is already mounting evidence that it is having a major effect on the number of European citizens who are looking to live and work in the United Kingdom.

The figures that were released this week reveal that for the first time since March 2013, net migration, which is the difference between those who are coming into Britain and those who are leaving the country, from other countries of the European Union is falling below 100,000. Separate data revealed that the number of nationals of the European Union who are working in Britain increased by its lowest amount since September of 2013.

Concern regarding immigration was a fundamental reason behind the vote of Britain in June 2016 to withdraw from the European Union. Brexit is scheduled on March 2019.

On Friday, the chief economist at Berenberg Bank, Holger Schmieding, said that Brexit (at least on the migration front) is “working” already.