The rising number of migrant workers in the UK is allowing the domestic workforce to move into better-paid white-collar jobs, according to Legal & General.
The insurer’s strategist, Julien Garran, said many employment commentators had expressed concern that migrant workers were undermining UK wage growth.
But he said the more important emerging trend was that the UK workforce was moving into better-paid white-collar jobs.
Moreover, Garran said, immigration had addressed skills shortages in areas such as plumbing, and had helped to keep domestic services inflation down.
This hold over inflation will benefit the white-collar workers, who tend to spend more of their disposable income on the service sector, Garran said.
“Over the medium term I can see the banking, media, health and financial services companies being particular beneficiaries,” he said.