Having a lower level of EU migration is helping to result in higher wages, according to a recruitment firm. One of the key arguments Brexiteers made seems to have been vindicated.
Latest stories direct in your inbox
Sign up for the free Red Alert email:
Randstad have highlighted a rise in pay, with a sector survey revealing an increase of £3,600 in 12 months to an average £45,900 salary.
Their survey found that an average site manager is now earning £50,500 outside of London with an extra £3,000 in the capital being reported.
As Yahoo Finance UK have highlighted: “Construction firms could be paying more because of a shortfall of workers caused by lower levels of EU migration to the UK.”
Owen Goodhead of Randstad has said: “The shrinking pool of EU talent is already driving up wages – that’s the power of supply and demand. This builder Brexodus is the referendum’s inheritance.”
EU migration recently fell to its lowest level since 2009 (57,000), whilst wages have risen at their fastest rate since 2008.
Job vacancies and wages are up in Britain, with Employment Minister Alok Sharma saying in April that: “While EU nationals accounted for almost half (over 45%) of the UK’s growth in employment between 2014 and 2016, since 2016 that has fallen to 5%.
“Yet since the referendum there have been over one million more people in work in the UK, up to a record 32.7 million in February 2019.
“Employers are clearly already adjusting to lower immigration from the EU, and it is UK workers who have filled in the gaps – accounting for around nine in ten of new people in work since 2016, compared to half of the people entering work in the two years before.”