Highly-skilled foreign workers contribute up to £210 billion to the economy, report says
Skilled foreign workers have a very positive impact on the UK economy, generating close to 15 per cent of total gross value added (GVA), a recent report by Lloyds Bank was able to reveal.
The ”Report on Inward Talent” suggests that the number of professionals currently working in the UK who were born abroad has increased from 7.3% in 1997 to 15% in 2014, with London having the largest proportion (41%) and the North East the lowest proportion (only 2%).
Data published in the paper revealed that, in terms of education, inward talent from the United States is the most qualified that enters the UK, with 57 per cent of the US-born adult population living here having a qualification at level four or above.
In comparison, just 26 per cent of UK-born individuals have level four qualifications or higher – which is lower than the share for inward talent from the EU and other countries. More than a third of foreign workers are educated to level 4 or above.
The report also suggests foreign nationals are more likely to work in professional services than those born in the UK. Almost one-third (31%) of US citizens 29% of French are in professional occupations compared to 17% of domestic employees.
Jamsheed Poncha, head of client services, UK wealth at Lloyds Bank, commented on the figures published in this report: “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. The contribution inward talent can make to key industries is impressive as it ultimately helps the economy prosper even more.”
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