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More than 860 immigrants pour into Britain every day - a figure which does not even include those entering illegally.
Official statistics reveal that the immigrant population has leapt by almost 2.4million since Labour came to power a decade ago.
They were released as the Government faced accusations of "fiddling the figures" after claiming the number of migrants from outside the EU was over half.
The figures show an increase of 316,000 immigrants - or 865 a day - for 2006 alone, the latest period for which figures are available.
At the same time, 715,000 British citizens have packed their bags and left - including 126,000 in 2006.
Any forecast is thus contingent on how we answer the following three questions. Will the financial crisis continue in 2008? Will inflation expectations rise further? Last, will there be a disorderly process of global rebalancing? If we answer all three questions with Yes, we should prepare for a global depression. If the answer is No, the world economy will have another good year. There are many intermediate scenarios as well.
I would answer the first question with an unqualified Yes. The financial crisis will probably linger on for most of the year and may get worse before it gets better. This is not really a “subprime” or “credit” crisis, as it is frequently called. This is a banking crisis. Economic history has taught us time and again that banking crises do not simply go away.