UK IMMIGRATION NEWS

Overseas Workers contribute to growing UK Economy

Wednesday, 14 February 2007

The UK economy is booming! The country has experienced the fastest economic growth since 2004 which had led companies to step up hiring both domestic and overseas workers.

The statics office has confirmed that there were 607,900 job vacancies on average in the three months through January, 7,300 more than in the period through October.

The UK economy’s potential growth rate has been reflected in fast growth of the workforce. Further, it has been predicted that the potential growth could be as high as 3.25% per annum over the next couple of years. A healty economy has meant that unemployment fell 23,000 to 1.69 million, cutting the jobless rate to 5.5 percent from 5.6 percent in the third quarter.

The UK rate is below the 7.5 percent average in the 13-nation Euro region and above rates of 4.5 percent in the U.S. and 4.1 percent in Japan.