This is likely to change in the year ahead, however, as recruitment difficulties rise, lifting pay growth.

Mr Saunders blamed the affected immigration levels on Brexit, but also on the strong competition from other large economies such as Poland and Hungary, who are reducing the appeal of foreign employment.

Higher interest rates will be needed if pay growth does not start to pick up, Mr Saunders warned, adding that the Bank’s quarterly Inflation Report, due out on Feb 8, will include more detailed analysis.

Immigration workers in the UK are falling, as is our ranking around the world. Once seen as one of the most desirable places to live and work, it is now overlooked in favour of more powerful economies.  Here at the Credit Protection Association, we urge our members to keep communication wide open with your immigrant workers. Make sure they know how much they’re appreciated in the workforce and how they will be treated after the Brexit deadline. One of the major issues with the fallout of Brexit has been its uncertainty, so don’t allow it into your workplace. Talk to one our staff at CPA for help and advice!