2.4 - Oligarchs and Polish migrants Flashcards
Define oligarch
Rich Russian business owners who acquired commodity firms after SU collapsed, and have economic/political power
What % buy London properties for what reason?
30% for residence so children can get educated at London’s elite private schools
Why is money invested in London seen as their pension?
‘Safe haven’ and can’t be taxed, which may think is wrong, and means it won’t be lost as it previously was in the 90s
What are oligarchs attracted to
Stock exchange and TNCs
Resulted in £250bn in bonds/loans between 2003-14
Why do the Polish move to Slough?
Earn 4-5x more
Unemployment rate is 18% but U.K.’s is less than 4%
How do Polish move to Slough
Direct coach journeys
Low cost carriers like WizzAir
Why do Polish feel comfortable moving to Slough
Already have Polish enclaves so know they’ll be accepted
Issues in Slough as a result of migration
Health/school pressure - need 10,000 more secondary school places
Out-migration of other ethnicities so funding was short leading to council tax increases
Polish migrants do what
Leave family to work in UK and send home remittances
Willing to work less than minimum wage as still more than what’s earnt in Poland
Cultural benefit of Polish migration
Increased cultural diversity - Polski skleps
Also means tolerance is promoted of different groups
Economic benefit of Polish for Slough
Contribute to the economy 3x the cost of Ghent
Social benefit of Polish
They’re often young so have children to help ageing population as will decrease dependency when older
Benefits for Poland?
Receive remittances for investment in medical care/local businesses
Fewer workers so increased wages and more opportunities for women
Less pressure on services e.g. housing so prices fall
Costs for Poland?
Brain drain
Young migrants leave - higher dependency
Costs related to local businesses in Poland
Less tax revenue so lower govt spending
Lower population, local services sustained less
They close
Dereliction
