subject: The Difficulties In A Post-recession Economy [print this page] At its heyday, Indian professionals were coming to the United Kingdom in droves with a degree and a promise of employment in the country. As such, the British economy employed quite a number of professionals from its former colony. Now, after the market crash of 2008, those days are a far away memory.
The Indian community in the UK has provided 6% of the UK GDP while only comprising 4% of the population. Much of the contribution were from the over 9,000 restaurants throughout the country. One of the richest Britons was Lakshmi Mittal, who is of Indian descent. He is reportedly worth $55 billion and has interests in steel, finance and other commercial businesses.
Now, many Indian professionals are growing uneasy about the resentment brewing from laid off British employees. This stems from the growing number of protests against employers hiring foreigners. These protests have hit many companies in the many major cities of the country.
In response, many Indians are now opting to seek employment elsewhere and even back to India. Many fear the worst is yet to come as government tightens immigration laws and the threat of a recurring depression. Even with the reported free trade agreement with India that included an increase of visas available to Indians to enter the UK, the issues and concerns of Indian professionals in the UK continue to rise.
The problem has even hit the lucrative Indian restaurant industry in the United Kingdom. The continued rise of prices and the shortage of qualified Indian staff has made many restaurants close shop. Others have petitioned the government to allow VAT exemptions for these small businesses. The petition seeks to increase the VAT threshold from GBP 67,000 to GBP 95,001.
Many in government though have opposed the ongoing issues with Indian nationals in the United Kingdom. Amongst those maintaining their support for continuance of the current policies are Business Secretary Peter Mandelson and Labor MP Keith Vaz. MP Vaz is one of the members of Parliament of Indian descent.
Vaz has called these protests as "dangerous" and the UK should continue in its role in an increasingly globalized world. As for the petition on VAT exemption, the government has said that all taxes and thresholds are "under review". All the other immigration laws are still subject to parliamentary debate.
The current economic depression is projected to take a double dip and this has made many Indians in the UK fearful of their economic way of life. Small entrepreneurs such as restaurant owners and many professionals of Indian descent are seeking ways to keep their heads above water. What lies in the future is still to be seen.
by: Bobby Castro
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