No Conservative Estimate on Immigration Policy Cost

The U.K. government hasn’t calculated the cost of meeting its pledge to reduce net immigration to the tens of thousands, Defense Secretary Michael Fallon said Thursday.

Prime Minister Theresa May kept the longstanding position in her Conservative party’s program for government on Thursday, with three weeks to go until the snap general election she called last month. That’s despite failing to come close to meeting the target during her six years as home secretary under David Cameron’s leadership. Annual net immigration passed 300,000 at the end of 2014, and stood at 273,000 in the year through last September.

“We’ve not costed it because we don’t know specifically what year we’re going to reach that point of reducing to exactly tens of thousands,” Fallon said in a BBC television interview late Thursday. “It isn’t going to cost billions of pounds.”

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.