Market Loop - Record UK net migration

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25th November 2022

Bite-sized business news from the UK and beyond

Good morning Budweiser shipped a lot of beer to Qatar days before officials declared a ban on alcohol sales in the stadiums during the World Cup. So instead those beers will be sent to the tournament’s winning country. More incentive to cheer for an England or Wales victory!

Today's stories

Record UK net migration
Dr Martens profits take a booting

ECONOMY
Record UK net migration

What happened?
Net migration into the UK reached 504,000 people in the year to June, according to data released by the Office for National Statistics yesterday.

How did we get here?
Net migration – the number of people entering the UK less the number leaving – has jumped by 331,000 in the past year, reaching the highest level since the Second World War and far higher than pre-Brexit levels. It’s been driven by a combination of Covid and geopolitical factors:

The return of international travel post lockdown resulted in 277,000 foreign students coming to the UK, nearly double the number from the year before.
Visa schemes for Ukrainian and Afghan refugees as well as Hong Kong residents accounted for 276,000 immigrants.

Migration has been a hot topic political issue for decades with supporters of Brexit championing one of the main benefits of leaving the EU being more control of UK borders. But the numbers don’t support this.

704,000 of the 1.1m people entering the UK in the past year have been from outside the EU, an increase of 379,000. By contrast, 560,000 people are estimated to have left the UK in the same period including 45,000 British nationals, almost half of them – 275,000 – going back to the EU.

The ONS data also show that the number of people applying for asylum was the highest since 2003, at 72,000.

Zooming out: Since 2010 successive Conservative governments have pledged to limit net migration to less than 100,000 but have always failed. However businesses argue the government should be encouraging more immigration to fill skills shortages as the number of vacancies in the job market exceeds the number of people looking for work.

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Just Eat cuts 170 jobs globally

RETAIL
Dr Martens profits take a booting

What happened?
Yesterday shares in Dr Martens plunged 23% after the UK-based bootmaker warned that profits in the coming year will slip on the back of weaker consumer demand.

How did we get here?
Known for its chunky leather boots Dr Martens listed on the London stock market in January 2021 at a valuation of £3.7bn – a tidy return for its previous private equity owner that bought it for £300m in 2013.

The iconic brand sold a record 11m pairs of shoes last year in around 60 countries. Like many shoemakers the company has focused on increasing sales on its own websites and stores rather than through third party distributors, as way to boost profit margins.

However sales on these direct-to-consumer channels have started to slow down with demand weakening as households grapple with a cost of living crisis.

Also the mild autumn weather in the UK and Europe has also meant less demand for their hardwearing boots.

Dr Martens is also facing increase cost pressures
Everything from the oil-based product used to make its soles, to leather and energy has soared in price this year. As a result the price of its boots will rise by 6%. The classic boot, which currently costs about £159 will increase by £10.

The company is also offering a £500 cost of living bonus to 2,000 of its 3,500 staff around the world.

Stat of the day

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