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No Conservative Estimate on Immigration Policy Cost

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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

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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