So, will housing prices drop?
From the Telegraph, November 18:
Britons flee country in record numbers ahead of Reeves tax raids
Exodus much higher than previously thought, and has driven fall in net migration
A record number of Britons left the country in the year Labour was elected amid growing fears over Rachel Reeves’s tax plans, official figures have revealed.
The departure of 257,000 British nationals in the year ending December 2024 – more than three times the previous estimate of 77,000 – fuelled a drop in net migration.
Over the four years from 2021 to last year, some 992,000 Britons left the UK – up from the previous estimate of 343,000, according to new data from the Office for National Statistics (ONS).
The surge in British nationals leaving the UK comes amid rising taxes and a crackdown on non-dom residents that came into force as part of a Labour drive to raise almost £4bn.
Next week, Ms Reeves, the Chancellor, is expected to announce major tax rises in a make-or-break Budget after increases of £40bn, including a National Insurance raid, last year.
Andrew Griffith, the shadow business secretary, said: “Labour’s economic exodus is in full flight as people flee Rachel Reeves’s tax hikes and mismanagement. It’s potentially the biggest reverse migration in British history.
“This was entirely predictable – when you tax something, you get less of it, and now people are voting with their feet.”
According to the new calculations, net migration peaked at 944,000 in the year ending March 2023, higher than the previous estimate of 906,000. However, it then fell to a low of 345,000 in the year ending last December – lower than the previous estimate of 431,000.
It is difficult to make comparisons with figures from previous years because of the different methods used in the calculations, but the data suggest that 2024 was a record.
The slump coincided with a Tory immigration crackdown in January that year, which included barring foreign workers and students from bringing in their dependants and the introduction of higher salary thresholds for migrants seeking skilled jobs in the UK.
But the exodus of British nationals was the main driver of the dramatic fall in the ONS’s net migration estimates....
....MUCH MORE
Possibly related, NYT Nov. 15:
On a Clipped Wing, Flamingo Escapes a British Zoo for a Life in France
There was a similar situation after Brexit.
January 2019
"Record Number of Britons Seek Irish Passports as Brexit Looms"
Well duh.
You knew this was coming when JPM had to resort to:
"J.P. Morgan is deploying photos of sausages to lure staff to Frankfurt"
Jewish Families in UK Who Fled Nazis Apply for German Passports to Escape BrexitFrom Sputnik:
The number of British citizens applying for Irish passports has grown rapidly ahead of Brexit.
Almost 100,000 eligible Britons are trying to retain their EU citizenship by obtaining a passport from their closest EU neighbour, The Guardian reported. The number of British citizens applying for Irish citizenship rose by 22% in 2018, Ireland’s foreign office said on Monday – more than doubling the total number of annual applications since Britain voted to leave the European Union back in 2016.Additionally, to raise the stakes in the luring o'the bankers war we saw:
In 2017 the number of applicants for Irish passports was 81,000 and in 2015, before the Brexit referendum — just 46,000. Under the current regulations, anybody born in the Irish Republic or Northern Ireland, or with an Irish parent or grandparent, is entitled to an Irish passport. That makes a total of about 6 million British citizens eligible for Irish citizenship.
Registrations for Irish passports in Northern Ireland, whose citizens can hold both an Irish and British passport rose by 2% as well, The Guardian reported....MORE
"Ireland to 'decriminalise' small amounts of drugs, including heroin, cocaine and cannabis, for personal use"We're just a small blog but even Climateer Investing was on top of the real estate angle implied by such scenes as:
"Thousands Of British Refugees Making Dangerous Journey Across The Irish Sea"
Via Euronews
M&G eyes moving more funds to Dublin after Brexit vote
LONDON (Reuters) – British asset manager M&G Investments, the fund arm of insurer Prudential, is looking at relocating more of its operations to Dublin in the wake of a British vote to leave the European Union....MORE
And from The Waterford Whispers News, on the spot reportage:
THE IRISH coast guard has today issued a nationwide warning for the East Coast as hundreds of thousands of British refugees risk their lives to cross the Irish sea in an attempt to flee the impoverished and unstable nation.
Dinghies overflowing with desperate migrants are so far half way through their journey, many with women and children aboard, wishing to make a new start on the Emerald Isle.
“We have rescued hundreds of people from crafts due to overcrowding,” winchman Derek Ryan of Rescue 117 told WWN today. “It’s a terrible situation as many of these people are only hoping for a better quality of life in the EU”.
Taoiseach Enda Kenny has called an emergency meeting in the Dáil this afternoon to help find a solution to the influx of British refugees.
It is expected many of those landing on the Irish coast will have to be quarantined, as they are not a part of the European Union....MORE
