Immigration to Cut UK Wages by £2,521 per Year by 2031
The UK's average worker will be £2,521 worse off by 2031 due to the impact of immigration driving down salaries, a new analysis has found.
According to calculations made by the Conservatives using figures from the Office for Budget Responsibility and the Bank of England, immigration is projected to cost UK staff a total of £89.8 billion in suppressed wages over the next five years.
The projections are based on OBR forecasts that between 2026 and 2031, cumulative net migration will total around 1.4 million, increasing competition for jobs and placing downward pressure on wages.
Average annual earnings are projected to fall from £38,220 at the baseline to £35,699 by 2031, a reduction of 0.93% per 10% increase in the immigrant-to-native ratio in a given occupation and region.