BOE Chief Economist Says Higher Migration Will Boost UK Economy

Bank of England Chief Economist Huw Pill said higher-than-expected migration had added 20 basis points to the Bank’s economic growth forecasts, underscoring the UK’s need for workers to fill jobs.

Testifying to lawmakers in Parliament’s Treasury Committee on Tuesday, Pill said upward revisions to the Office for National Statistics’ population projections — driven by net immigration — “led to an increase in the level of GDP of about two tenths of a percentage point” by the end of 2025 relative to its previous forecast.