People say “supply and demand”. Guess what, immigrants also produce demand. Immigration is a great way to grow the economy and before someone yaps on about “GDP per capita”, you can see the UK where almost all worker growth in London since 1995 has come from abroad and the gap in GDP per capita between London and other regions of the UK have grown massively. Regional GDP per person relative to London for every region has continuously fallen since the 1990s. While Northeast England has had the least immigration of any region in the UK and the lowest GDP per capita. So immigration helped London grow its GDP per capita. Not to mention, Japan has had less GDP per capita growth than the UK and especially the USA.
The USA is an amazing example of what happens when you have huge investments and a continuously growing working-age population, so is London.
London’s problem is that the Mayor of New York gets 50% of tax revenues raised locally, the Mayor of Tokyo gets 70% of tax revenue raised locally while the Mayor of London only gets 7% of tax revenues raised locally. If London kept its surplus just for 1 year, it could fund the entirety of Crossrail 2 and the Bakerloo Extension, but I digress.
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People say “supply and demand”. Guess what, immigrants also produce demand. Immigration is a great way to grow the economy and before someone yaps on about “GDP per capita”, you can see the UK where almost all worker growth in London since 1995 has come from abroad and the gap in GDP per capita between London and other regions of the UK have grown massively. Regional GDP per person relative to London for every region has continuously fallen since the 1990s. While Northeast England has had the least immigration of any region in the UK and the lowest GDP per capita. So immigration helped London grow its GDP per capita. Not to mention, Japan has had less GDP per capita growth than the UK and especially the USA.
The USA is an amazing example of what happens when you have huge investments and a continuously growing working-age population, so is London.
London’s problem is that the Mayor of New York gets 50% of tax revenues raised locally, the Mayor of Tokyo gets 70% of tax revenue raised locally while the Mayor of London only gets 7% of tax revenues raised locally. If London kept its surplus just for 1 year, it could fund the entirety of Crossrail 2 and the Bakerloo Extension, but I digress.