One of the biggest issues during the ongoing Brexit debate has been the question of migration.
As such, Deutsche Bank macro strategist Oliver Harvey shared a chart in a recent note to clients showing the employment rate of UK born citizens and for non-UK born citizens.
“The employment rate of UK-born citizens is at a record high, and the participation rate has not declined, which does not suggest that UK-born jobs have suffered as a result of migration,” Harvey argued.
In the chart below, you can see that the UK-born employment rate and the non-UK-born employment rates are both up since about 2010.
That being said, job growth in the UK has not been uniform across the country over the last few years.
90% of job growth since 2013 has been in the services sector. On the flip side, there are over 100,000 less manufacturing jobs today compared to the beginning of the financial crisis, which you can see in the chart below, also shared by Harvey.
Moreover, more than two-thirds of the jobs added since 2008 have been in London and the south of the UK, while Scotland, Northern Ireland, and the North East have fewer jobs today than they did before the financial crisis, according to data cited by Harvey.
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