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In a bombshell revelation, the Bank of England’s top economist has sounded the alarm on soaring rents, pointing the finger squarely at high immigration levels.
Huw Pill, the Bank’s chief economist, has made waves by linking the housing crisis to record levels of migration. He argues that the influx of newcomers, with a staggering 745,000 net migrants arriving in 2022 alone, is exacerbating the shortage of housing and driving rents through the roof.
Pill’s analysis cuts through the usual blame game, highlighting that the problem isn’t just about interest rates and the Bank of England but also about population growth and delays in obtaining planning permissions, which further compound the shortage of available homes.
Backing Pill’s stance, a report from the Centre for Policy Studies, supported by former immigration minister Robert Jenrick, reveals that immigration isn’t delivering the economic boost promised; instead, it’s making the housing crisis worse. The report shows that a whopping 89% of the 1.34 million increase in England’s housing shortage over the past decade can be attributed to migration.
But here’s the kicker: Pill emphasises that the Bank of England’s hands are tied when it comes to boosting housing stock. It’s down to policymakers responsible for border controls and planning regulations to roll up their sleeves and tackle the root causes of the crisis head-on.
Looking ahead, the outlook is grim. The Office for Budget Responsibility predicts a surge in immigration, putting even more pressure on housing availability and sending rents skyrocketing. Pill stresses the urgency of bringing down rents to manage inflation and meet economic targets.
In essence, Pill’s stark warning, along with the latest Centre for Policy Studies report and Migration Watch UK repeatedly saying it over the years, challenges the politically-correct narrative that immigration always brings economic benefits. It’s time for leaders to wake up to the impact of immigration on our housing market and take decisive action to ensure fair access to housing for all.
This is a preview of Migration Watch’s free weekly newsletter. Please consider signing up to the newsletter directly, you can do so here and will receive an email copy of the newsletter every Friday as soon as it is released.