Net migration 2022 figure revised to record-breaking 745,000 as latest stats show 672,000 came to UK in last year
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”.
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.
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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.
Opinion by: Hedi Navazan, chief compliance officer at 1inch
Web3 needs a clear regulatory system that addresses innovation bottlenecks and user safety in decentralized finance (DeFi). A one-size-fits-all approach cannot be achieved to regulate DeFi. The industry needs custom, risk-based approaches that balance innovation, security and compliance.
DeFi’s challenges and rules
A common critique is that regulatory scrutiny leads to the death of innovation, tracing this situation back to the Biden administration. In 2022, uncertainty for crypto businesses increased following lawsuits against Coinbase, Binance and OpenSea for alleged violations of securities laws.
Under the US administration, the Securities and Exchange Commission agreed to dismiss the lawsuit against Coinbase, as the agency reversed the crypto stance, hinting at a path toward regulation with clear boundaries.
Many would argue that the same risk is the same rule. Imposing traditional finance requirements on DeFi simply will not work from many aspects but the most technical challenges.
Openness, transparency, immutability, and automation are key parameters of DeFi. Without clear regulations, however, the prevalent issue of “Ponzi-like schemes” can divert focus from effective innovation use cases to conjuring a “deceptive perception” of blockchain technology.
Guidance and clarity from regulatory bodies can reduce significant risks for retail users.
Policymakers should take time to understand DeFi’s architecture before introducing restrictive measures. DeFi needs risk-based regulatory models that understand its architecture and address illicit activity and consumer protection.
Self-regulatory frameworks cultivate transparency and security in DeFi
The entire industry highly recommends implementing a self-regulatory framework that ensures continuous innovation while simultaneously ensuring consumer safety and financial transparency.
Take the example of DeFi platforms that have taken a self-regulatory approach by implementing robust security measures, including transaction monitoring, wallet screening and implementing a blacklist mechanism that restricts a wallet of suspicion with illicit activity.
Sound security measures would help DeFi projects monitor onchain activity and prevent system misuse. Self-regulation can help DeFi projects operate with greater legitimacy, yet it may not be the only solution.
Clear structure and governance are key
It’s no secret that institutional players are waiting for the regulatory green light. Adding to the list of regulatory frameworks, Markets in Crypto-Assets (MiCA) sets stepping stones for future DeFi regulations that can lead to institutional adoption of DeFi. It provides businesses with regulatory clarity and a framework to operate.
Many crypto projects will struggle and die as a result of higher compliance costs associated with MiCA, which will enforce a more reliable ecosystem by requiring augmented transparency from issuers and quickly attract institutional capital for innovation. Clear regulations will lead to more investments in projects that support investor trust.
Anonymity in crypto is quickly disappearing. Blockchain analytics tools, regulators and companies can monitor suspicious activity while preserving user privacy to some extent. Future adaptations of MiCA regulations can enable compliance-focused DeFi solutions, such as compliant liquidity pools and blockchain-based identity verification.
Regulatory clarity can break barriers to DeFi integration
The banks’ iron gate has been another significant barrier. Compliance officers frequently witness banks erect walls to keep crypto out. Bank supervisors distance companies that are out of compliance, even if it’s indirect scrutiny or fines, slamming doors on crypto projects’ financial operations.
Clear regulations will address this issue and make compliance a facilitator, not a barrier, for DeFi and banking integration. In the future, traditional banks will integrate DeFi. Institutions will not replace banks but will merge DeFi’s efficiencies with TradFi’s structure.
Recent: Hester Peirce calls for SEC rulemaking to ‘bake in’ crypto regulation
The repeal of Staff Accounting Bulletin (SAB) 121 in January 2025 mitigated accounting burdens for banks to recognize crypto assets held for customers as both assets and liabilities on their balance sheets. The previous laws created hurdles of increased capital reserve requirements and other regulatory challenges.
SAB 122 aims to provide structured solutions from reactive compliance to proactive financial integration — a step toward creating DeFi and banking synergy. Crypto companies must still follow accounting principles and disclosure requirements to protect crypto assets.
Clear regulations can increase the frequency of banking use cases, such as custody, reserve backing, asset tokenization, stablecoin issuance and offering accounts to digital asset businesses.
Building bridges between regulators and innovators in DeFi
Experts pointing out concerns about DeFi’s over-regulation killing innovation can now address them using “regulatory sandboxes.” These dispense startups with a “secure zone” to test their products before committing to full-scale regulatory mandates. For example, startups in the United Kingdom under the Financial Conduct Authority are thriving using this “trial and error” method that has accelerated innovation.
These have enabled businesses to test innovation and business models in a real-world setting under regulator supervision. Sandboxes could be accessible to licensed entities, unregulated startups or companies outside the financial services sector.
Similarly, the European Union’s DLT Pilot Regime advances innovation and competition, encouraging market entry for startups by reducing upfront compliance costs through “gates” that align legal frameworks at each level while upgrading technological innovation.
Clear regulations can cultivate and support innovation through open dialogue between regulators and innovators.
Opinion by: Hedi Navazan, chief compliance officer at 1inch.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Politics
Kemi Badenoch does not rule out local coalitions with Reform after Thursday’s council elections
Kemi Badenoch has not ruled out forming coalitions at a local level with Reform after the council elections on Thursday.
Speaking to Sunday Morning with Trevor Phillips, the Conservative leader did however categorically rule out a pact with Nigel Farage’s party on a national level.
“I am not going into any coalition with Nigel Farage… read my lips,” she said.
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However, she did not deny that deals could be struck with Reform at a local level, arguing some councils might be under no overall control and in that case, “you have to do what is right for your local area”.
“You look at the moment, we are in coalition with Liberal Democrats, with independents,” she said. “We’ve been in coalition with Labour before at local government level.
“They [councillors] have to look at who the people are that they’re going into coalition with and see how they can deliver for local people.”
She added: “What I don’t want to hear is talks of stitch-ups or people planning things before the results are out. They have to do what is right for their communities.”
In response, Nigel Farage said: “The Tories broke Britain nationally for 14 years, and their councils continue to break local communities with the highest taxes ever and worst services.
“Reform have no intention in forming coalitions with the Tories at any level.”
A total of 23 councils are up for grabs when voters go to the polls on Thursday 1 May – mostly in places that were once deemed Tory shires, until last year’s general election.
It includes 14 county councils, all but two of which have been Conservative-controlled, as well as eight unitary authorities, all but one of which are Tory.
In addition, there is one Labour-controlled borough being contested.
Ms Badenoch has set expectations low for the Tories, suggesting they could lose all the councils they are contesting.
The last time this set of councils were up for election was in 2021, when the Conservative Party was led by Boris Johnson who was riding high from the COVID vaccine bounce.
Despite not ruling out agreements between the Tories and Reform once the local elections have finished, Ms Badenoch has been at pains to stress she is against any kind of deal with Mr Farage at a national level.
On Friday she criticised talk of “stitch-ups” ahead of next week’s local elections and said she was instead focused on ensuring that voters have a “credible Conservative offer”.
Speculation that the Tories and Reform could join forces heightened after two senior Tories appeared to advocate for some sort of agreement between the two rival parties.
Robert Jenrick, the shadow justice secretary, was captured in a video recording leaked to Sky News vowing to “bring this coalition together” to ensure that Conservatives and Reform UK are no longer competing for votes by the time of the next general election.
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What leaked audio of Jenrick tells us
According to the excusive audio Mr Jenrick – who lost the Tory leadership campaign to Ms Badenoch – said he would try “one way or another” to make sure the two right-wing parties do not end up handing a second term to Sir Keir Starmer.
Mr Jenrick has denied his words amounted to calling for a pact with Reform.
Meanwhile, in an interview with Politico, Tees Valley Mayor Ben Houchen also suggested the two parties should join forces in some way.
“I don’t know what it looks like. I don’t know whether it’s a pact. I don’t know whether it’s a merger… [or] a pact of trust and confidence or whatever,” he said.
“But if we want to make sure that there is a sensible centre-right party leading this country, then there is going to have to be a coming together of Reform and the Conservative Party in some way.”
Read more:
Could the local elections reshape British politics?
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All of the other national parties have launched their campaigns for the local elections ahead of the poll next week.
Labour Cabinet Office minister Pat McFadden told Trevor Phillips that he was “not predicting huge Labour gains on Thursday”.
He also ruled out Labour striking deals with any other party.
“The deals on offer after Thursday won’t be between Labour and the Tories and Labour and Reform,” he said.
“But what there’s been a lot of debate about is what’s going to happen between the Tories and Reform, because I’m not even sure if they’re two different parties or one party at the moment.”
United States President Donald Trump recently said that federal income taxes would be “substantially reduced” or potentially eliminated once the tariff regime fully sets in.
In an April 27 Truth Social post, Trump added that the focus of the purported tax cuts would be on individuals making less than $200,000 per year.
The US President also said that the “External Revenue Service” — a reference to funding the federal government exclusively through import tariffs instead of the current model of collecting taxes through the Internal Revenue Service (IRS) — is materializing.
Eliminating the federal income tax would likely be a positive catalyst for asset prices, including cryptocurrencies, as the increase in disposable income should partially flow back into productive investments. However, this stimulative effect is not guaranteed.
Related: If Trump fired Powell, what would happen to crypto?
Trump’s plan leaves analysts and markets doubting
Trump previously floated the idea of eliminating the federal income tax in an October 2024 appearance on the Joe Rogan Experience, although Trump, who was on the campaign trail at the time, provided scant concrete details on the proposal.
The US President suggested that replacing the federal income tax with revenue from import duties would return the US to a time of prosperity seen during the Gilded Age, in the 19th century, when the US did not have a permanent federal income tax.
Research conducted by accounting automation company Dancing Numbers found that Trump’s proposal could save the average American $134,809 in lifetime tax payments.
Dancing Numbers added that the tax savings could be as much as $325,561 per American if other wage-based income taxes are also eliminated.
On April 2, Trump signed an executive order imposing sweeping tariffs on all US trading partners, which included a 10% baseline tariff on all countries and different “reciprocal” tariff rates on countries with import duties on US goods.
However, since that time, the Trump administration walked back its tariff policies several times, flip-flopping on tariff rates and when the tariff regime would fully take effect.
The Trump administration’s ever-changing rhetoric surrounding trade policies has heightened volatility in the US stock market, caused a rise in US bond yields, and has drawn widespread criticism from financial analysts who say the protectionist trade policies hurt capital markets while achieving little else.
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