5152  This is because the effects of changes in migration on the supply of labour are largely balanced  by corresponding changes in demand. This means that any reduction in net migration after Brexit could therefore ultimately have only a modest impact on prices in general equilibrium. Over a shorter horizon, however, abrupt decreases in migration could result in shortages in some sectors that have become reliant on migrant labour, and contribute more materially to inflationary pressures. In addition, the ease with which UK employers have been able to source labour from abroad and move operations offshore as a result of globalisation may have weighed on wage growth – though the size of such contestability effects is difficult to judge. To the extent that such effects have operated, any restrictions on 49  Pessoa, J (2016), ‘International competition and labour market adjustment’, CEPR Discussion Paper No. 1411. Bank research replicating the work of Autor et al, ibid, finds that areas in the UK with a high exposure to Chinese competition have experienced large falls in manufacturing employment, with offsetting rises in non-manufacturing employment. 50 The largest effects are for lower-skilled workers in services industries. See Nickell, S and Saleheen, J (2015), ‘The impact of immigration on occupational wages: evidence from Britain’, Bank of England Staff Working Paper No. 574. 51 See the box on pages 30-31 May 2015 Inflation Report. 52  When this speech was originally published on 18th September this sentence contained typographical errors which have subsequently been corrected.
Abdul Rasheed Ghaffour: Solutions for safe, adequate, affordable housing for all Opening remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Cagamas - World Bank Affordable Housing Conference "Solutions for Safe, Adequate, Affordable Housing for All", Kuala Lumpur, 2 April 2019. * * * Thank you for inviting me to deliver the opening remarks for this conference. The issue of housing affordability is close to everyone’s heart. Having a family myself, I can truly understand the need and desire to own a safe, comfortable and affordable home. As such, I am pleased that the public discourse on this issue around the world and in Malaysia has been gaining traction over the past few years. This reflects the significance, concern and gravity of the situation. To ensure a fair standard of living, the United Nations recognises the provision of adequate housing as a necessary objective to pursue. Adequate housing includes ensuring affordability, habitability and accessibility, all of which are issues that this conference seeks to address. In my remarks today, I will touch on the responsibilities of individuals, the private sector and policymakers to realise the agenda of affordable housing, mainly from Malaysia’s perspective. For any individual, irrespective of income level, one of the biggest investments he or she will make in life is the purchase of a home. The downpayment and monthly mortgage represents a significant commitment, where for many, may even span a lifetime.