Net migration 2022 figure revised to record-breaking 745,000 as latest stats show 672,000 came to UK in last year

Published

1 year ago

November 23, 2023

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Net migration hit a record-breaking 745,000 in 2022, according to revised figures from the Office for National Statistics, as its latest numbers showed 672,000 people came to the UK in the 12 months to June 2023.

In its last figures released in May, the ONS said the number for last year was 606,000 – then deemed a record high.

But looking at the numbers again, the organisation now says the actual figure was almost 140,000 higher than first thought, making it an even more unparalleled statistic.

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The latest numbers released on Wednesday showed net migration had risen when compared to the 12-month figure up to June 2022, which was 607,000, even though it was lower than the surprise annual stat for last year.

However, the ONS said while today’s number represented a drop from that unparalleled number, it was “too early to say if this is the start of a new downward trend”, even though it did indicate a slowing of immigration coupled with increasing emigration.

Net migration is calculated by looking at the number of people arriving in the UK when both immigration (people coming to the UK) and emigration (people leaving the UK) are taken into account.

Tory backbenchers have already begun to hit out at the numbers, with former minister Simon Clarke saying it was “unsustainable both economically and socially” to have legal migration so high.

Another Conservative MP, Jonathan Gullis, called the figures “completely unacceptable to the majority of the British people”, and called for “drastic action”.

It comes as Prime Minister Rishi Sunak is under increasing pressure from the right of his party to reduce net migration in light of the 2019 Tory manifesto, which promised to bring the “overall number down”.

Home Secretary James Cleverly insisted the government remained “completely committed to reducing levels of legal migration, while also “focusing relentlessly” on tackling illegal migration.

He said ministers were “working across government on further measures to prevent exploitation and manipulation of our visa system, including clamping down on those that take advantage of the flexibility of the immigration system”.

But Labour’s shadow home secretary, Yvette Cooper, said today’s statistics showed “the scale of utter Tory failure on immigration, asylum, and the economy”.

Expect clamour from Tory right as Sunak seeks to strike delicate balance

It’s more bad news for the government on migration.

There are lots of headline figures coming out of the ONS figures today, but the most important one is that net migration to the UK in the year to December 2022 has been revised up to 745,000.

That is a huge number, both higher than previously thought and a new record.

In the 2019 manifesto, the Conservatives pledged to “bring overall numbers down”, with Boris Johnson talking about 250,000.

Rishi Sunak has tried to move away from specific targets, but he has put immigration, in particular illegal migration, at the heart of his pitch to the country.

Whatever complexities behind rising figures, expect a clamour from the right of the Conservative Party.

I’m told there could be an intervention from former home secretary Suella Braverman who, we understand, along with immigration minister Robert Jenrick, had previously pushed for an overall cap to net migration when she was in office.

We expect we could hear more from the Home Office about measures to bring down net migration as early as next week.

I understand this could include a crackdown on abuses in the visa system, increasing salary thresholds, changes to the rules on bringing families over on working visas and looking again at the shortage occupation scheme.

The PM knows, however, there is a delicate balance to be struck when it comes to economic concerns over workforce shortages.

The current home secretary appears to be keeping a low profile for now, but expect more on net migration over the coming weeks.

James Cleverly knows immigration matters to many voters and to his party.

In 2010, then prime minister David Cameron – now Foreign Secretary Lord Cameron – pledged to bring net migration down to the “tens of thousands”, though successive Tory governments have sought to move away from exact targets.

According to the ONS, most people arriving in the UK in the year to June 2023 were non-EU nationals – a total of 968,000 – followed by 129,000 EU citizens and 84,000 British people.

But both EU nationals and Britons were leaving the country in greater numbers, with 10,000 more EU nationals leaving than arriving and 86,000 more British nationals leaving than arriving – while the net figure for non-EU people was 768,000 more arriving than leaving.

Work was the biggest reason people from outside the EU migrated to the UK – a net figure of 278,000 and the first time employment was the most popular reason – followed by a net figure of 263,000 coming for study.

The recent rise in work visas was mainly driven by people taking jobs in the health and care sectors.

But when it came to those studying, the ONS’s Jay Lindop said the number was rising as “we’re not only seeing more students arrive, but we can also see they’re staying for longer”.

They also said more dependants of people with work and study visas had come to the UK too.

Meanwhile, the number of people granted asylum to the UK for the year has remained relatively stable, as while it hit 88,000, compared with 73,000 in year to June 2022, ongoing COVID restrictions in that period had an impact.

The ONS said migration to the UK had been “relatively stable” before the COVID pandemic, but “patterns and behaviours have been shifting considerably since then”.

The statistics experts said net migration had “increased sharply” since 2021 due to a rise in immigration from non-EU countries – including people coming by humanitarian routes from Ukraine and Hong Kong – as well as an increase in non-EU students and workers.

Government wants to bring migration down

The government has insisted it remains committed to reducing migration, and has already introduced measures to reduce the figure, including stopping international students who come to the UK from bringing family with them except under specific circumstances.

The New Conservatives group on the Tory right has called for ministers to close temporary visa schemes for care workers and to cap the number of refugees resettling in the UK at 20,000, in a bid to reduce net migration to 226,000 by the time of the election.

Last week, the Supreme Court ruled that Mr Sunak’s policy of sending asylum seekers to Rwanda – a key part of his plan to stop small boats crossing the Channel – was unlawful.

The Rwanda policy would see anyone arriving in the UK by unauthorised means, such as by Channel crossings, deported to the African country to claim asylum there and not the UK.

But in its landmark ruling last Wednesday, the Supreme Court ruled that those sent to Rwanda would be at “real risk” of being sent back to their country of origin regardless of whether their asylum claim was justified or not – something that would breach international human rights laws.

In the aftermath of the ruling, Mr Sunak doubled down on the policy, telling MPs he was prepared to “change laws and revisit… international relationships” if they were “frustrating” his plans.

However, he also acknowledged that even if domestic laws were changed, the government could still face legal challenges from the European Court of Human Rights (ECHR) and vowed: “I will not allow a foreign court to block these flights.”

The stalemate over Rwanda has bolstered calls from some in the Tory party for the UK to withdraw from the ECHR altogether after an injunction last June stopped the first scheduled flights from taking off.

Politics

Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

14 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Politics

CFPB likely to step back from crypto regulation — Attorney

Published

15 hours ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

22 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.