Immigrants Send £4 Billion A Year Home. Remittances Rise To £11 Million A Day.

New research published today shows that immigrants are now sending home a record £4 billion a year – almost doubling over the last decade – that is almost £11 million a day.

This figure is nearly two thirds the amount that the UK Government spends on overseas aid – £6.3 billion in 2008. In comparison, £4 billion is approximately the cost of the two new aircraft carriers planned for the Royal Navy. Furthermore, even this sum is likely to be an underestimate as it does not include money sent from the UK by unofficial banking channels.

‘We are not suggesting that remittances should be stopped, they are an important source of revenue for many families across the world, but claims that there are only positive economic benefits from mass immigration are clearly untrue and factors such as we describe here clearly point in the opposite direction,’ said Sir Andrew Green, chairman of think tank Migrationwatch who produced the report…..

See the full text of this press release.

2nd June 2009 - Economics

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