More EU workers may flood into the UK

The UK jobless rate is reported to fall from 5.3 percent to 5.1 percent, which is the lowest since 2006. This is contributed partly by the announcement of Mark Carney about the Bank of England's decision of maintaining the current low base rate. However, the unemployment rates in other countries are rising, especially the job cuts in the financial industry may worsen the situation. Barclay is preparing to announce its 1000 job cuts in its investment bank. It plans to exit much of Asia, Latin America and Europe, and focus on US and UK markets. Other financial institutions may have similar strategies and reduce the sizes of their business in the areas with economic slowdown and decline. There are many bankers who might lose their jobs in Europe and look for job opportunities in the UK. Therefore, if Britain does not leave the EU, the domestic labour market may become more competitive due to the EU workers flooding into the UK.