Cutting annual net migration to the ‘tens of thousands’ as the Conservatives are promising could cost the public finances at least £12bn, the Institute for Fiscal Studies (IFS) forecast today.
In their document costing the party manifestos, the IFS said the £12bn hit could be felt in four years of lower immigration, while “that cost would rise over time because every single year you have less immigration, you hit your public finances again for a bit more.”
Commenting, James McGrory, co-executive director of Open Britain, said:
“The evidence is there in black and white – meeting the Government’s artificial and draconian immigration target will make our country worse off.
“Immigrants in our country work hard, pay their taxes, contribute to our NHS and other public services, and set up businesses. Reducing migration to the ‘tens of thousands’ will make us all worse off.
“It is time for the Government to listen to the evidence and drop their damaging and unworkable migration cap.”
Notes to editors:
The IFS’ analysis is reported here: http://www.mirror.co.uk/news/politics/election-2017-live-jeremy-corbyn-10502630
Open Britain and the Independent are campaigning for the Government to drop its immigration target:http://www.independent.co.uk/voices/campaigns/dropthetarget