- Saturday, April 27, 2024
The value of remittance from the UK was £8.24 billion last year
By: Pramod Thomas
SCOTTISH Labour leader, Anas Sarwar, and shadow minister for international development, Preet Kaur Gill, on Monday (17) visited Glasgow Central Mosque and Gurdwara Singh Sabha, a statement.
They met local diaspora communities to hear about their experience of sending remittance payments to friends and family abroad as part of the Labour listening event in the city.
Hidden fees in remittance payments is a key issue for many diaspora communities in the UK.
To understand the experiences of families in the country sending money abroad, Labour is planning a series of listening events with diaspora groups. The findings from the events will go on to help shape Labour policy for the next general election.
The value of remittance from the UK was £8.24 billion in 2022, according to World Bank. But hidden fees lead to higher costs for families, adding further pressure to households already struggling with the cost-of-living crisis.
The UN has set a target of reducing the costs of sending money abroad to three per cent by 2030. However, the costs averaging at 5-6 per cent every year in Britain, the statement added.
“Scotland’s diverse communities are working hard to support their friends and families abroad, but too often face costly hidden fees when sending money overseas. For many families already struggling with the Tory cost-of-living crisis, this is adding more financial pressure,” said Kaur Gill MP.
“Reducing the private costs of remittances is an opportunity to build on the incredible contribution of Britain’s diverse diaspora communities, increase the disposable income of families in the UK, and support our international development goals.”
She said that the next Labour government can reduce the barriers and costs to cross-border payments.
Sarwar MSP said, “Scotland’s diverse diaspora and faith communities have always demonstrated their deep solidarity with poorer communities in the global south. From the Make Poverty History movement which marched the streets of Edinburgh, to the stories I have heard from the communities at Glasgow Central Mosque and Singh Sabha Gurdwara.
“At a time when families in Scotland and around the world are struggling to make ends meet, it is not right that nearly half a billion pounds are estimated to be lost to costly transfer fees.”
“Whether through Zakat, Seva or everyday remittances, our diverse communities deserve to keep money in their pockets and build on their contribution to Britain and the world,” he added.
