Foreign Workers Boost the UK Economy
Inward talent is making an increasingly important contribution to the UK’s professional workforce and helps the economy prosper, according to new research by Lloyds Bank.
Inward talent or Inpats, are defined by Lloyds as foreign-born individuals in work in the UK. The research found that they are often highly skilled, and more likely to work in senior or highly skilled positions such as managerial and technical roles than UK nationals are.
As well as being employed in senior and technical roles, overseas talent that comes to the UK is typically qualified, with a large percentage of the adult population having a qualification level of four or above – equivalent to a year of undergraduate study.
Inward talent has been playing a key part in contributing towards a healthy British economy, says Lloyds. Over two fifths (41%) of employed non-UK-born workers are working in London. The South East (excluding London) houses the second highest number of non-UK-born workers, accounting for 15% of the total. In general, inward talent tends to be based in the faster-growing regions of the country.
However, inpats working within British industries contribute to the economic wellbeing and growth of the country as a whole. The result is the economic output generated, also known as gross value added (GVA). The largest amount of GVA is produced by inpats from Europe (excl. UK and Ireland), producing nearly £75 billion in 2014, which accounts for 6% of total UK GVA. Overall, inpats are estimated to currently produce 15% or £210 billion of the GVA created in England and Wales.
“The findings of the research clearly demonstrate the strength of the UK economy and its ability to attract a highly qualified professional workforce from around the world,” commented Jamsheed Poncha, Head of client services, UK Wealth at Lloyds Bank. “The contribution inward talent can make to key industries is impressive as it ultimately helps the economy prosper even more.”
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