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What are the current trends in the UK job market?
The UK job market is currently experiencing challenges due to economic uncertainties and new immigration restrictions. With rising unemployment and market volatility, sectors like health and care are particularly affected, leading to a notable decline in visa applications from overseas workers.
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How is market volatility affecting visa applications?
Market volatility has created an environment of uncertainty, leading to a sharp decline in visa applications. As economic conditions fluctuate, potential applicants may be deterred by fears of job security and the impact of new immigration policies, resulting in a drop from 141,000 applications in July 2023 to 91,300 in July 2024.
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What new restrictions have impacted overseas workers?
Recent policy changes by the Conservative government have imposed stricter immigration rules, including bans on family dependents for international students and health workers, as well as increased salary thresholds for skilled workers. These restrictions have significantly impacted the number of overseas workers applying for visas.
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What does the drop in visa applications mean for the UK economy?
The decline in visa applications could have serious implications for the UK economy, particularly in sectors reliant on overseas talent, such as healthcare and education. A decrease in international students may also lead to financial difficulties for universities, further straining the economy.
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What are the predictions for future visa applications?
Experts predict that visa applications may continue to decline due to ongoing economic uncertainties and restrictive immigration policies. The University of Oxford's Migration Observatory forecasts that net migration could fall to about 350,000 by 2030, indicating a long-term trend of reduced migration levels.