5 points on immigration and industry
Potential positive changes could have benefits for economy and banks.
10:21 05 May 2013
There has been much concern as of late, regarding the potential amount of immigrants into the UK when the limitations placed on Bulgarians and Romanians is lifted. While there may be concerns, there may be also positives (such as an increase in loans) than are currently being considered.
What are potential positives?
- Housing—depending upon the amount of affordable housing available, it could be seen as a positive since it may promote an increase in construction business, which also produces more jobs. This may also generate more activity for banks with commercial loans.
- Jobs—immigrants may work in the UK but a number of them may also decide to create their own businesses, thereby further stimulating the economy and contributing to reduce the unemployment rate. In addition to those benefits, the banking industry may also benefit by the necessity for commercial loans.
- Culture—it’s important to look at culture and diversity. There may be new restaurants, a stimulated artistic community, new musical blends, and completely unique cross-cultural endeavours that could benefit the business community.
- Technology and science—one of the greatest opportunities for cultures to mingle, is the ability to share knowledge and information towards advancements in fields that could mean remarkable gains in technology, science, medicine and many other fields. This may also mean loans for university attendance.