Image by Bob Ryskamp, used under CC license
The decline in the British currency since Brexit has cut costs by up to 20% for international students in the UK, a Financial Times report noted on Friday, citing a study by the Oxford Migration Observatory.
The same decline has also made low-wage jobs less attractive for foreign workers, meaning that anyone working in Britain and sending money back home will be affected.
The report noted that the weak pound would reduce the annual tuition fees of £13,500 that international undergraduate students typically pay. It noted that Chinese students would have experienced a 13% drop in fees between June (when the Brexit referendum was held) and December, 2016.
In June 2016, the exchange rate for the British pound in India was just over Rs 97, and at the end of December it was around Rs 83 – a decline of more than 14%. The Financial Times report noted that anyone paying in US dollars would save 17%, and in South African rand, 20%.
Last September, 134,000 international students arrived in the UK, down by approximately 25% from the previous year. The number of Indian students entering British universities nearly halved. But the decline of the pound could now help stem that trend, the Financial Times report noted.
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