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Immigration is one of the most debated issues in British politics. But what impact does it actually have on the economy and the public finances?
We speak to Madeleine Sumption, Director of the Migration Observatory at the University of Oxford and Interim Chair of the Migration Advisory Committee, and IFS economist Max Warner about how migration to the UK has changed, and what that means for the government’s finances.
Which types of migrants contribute most to the public finances, and which cost the government more? How does immigration affect the wider economy? And with net migration falling sharply, what could lower migration mean for the OBR’s forecasts - and the choices facing the Chancellor at the Budget?
Madeleine’s new book, What Is Immigration Policy For?, is available from Bristol University Press.
Host

Director
Helen joined the IFS in 2007. She has almost two decades of experience analysing UK fiscal policy and providing trusted advice to policymakers.
Participants

Senior Research Economist
Max joined the IFS in 2020. His work covers health and social care, public spending and public sector productivity.

Director Migration Observatory at the University of Oxford
Podcast details
- DOI
- 10.1920/pd.ifs.2026.0026
- Publisher
- Institute for Fiscal Studies
Suggested citation
H, Miller and M, Warner and M, Sumption. (2026). How does immigration affect the public finances? [Podcast] Institute for Fiscal Studies. Available at: https://ifs.org.uk/articles/how-does-immigration-affect-public-finances (accessed: 11 September 2026).
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