There is a growing concern among Indian students aspiring to study abroad in U.K. about the UK’s economic woes; slowdown and rising inflation. The apprehensions are not out of place.
Brexit and COVID pandemic have led to a sluggish growth. The Bank of England raised interest rates for 11th consecutive time, leaving citizens in splits. The most affected are international students. Rising cost of living has caused a dent in their finances. Employment opportunities have shelved nearly by one-third.
So, as an Indian student, should you choose U.K. for higher education. Or not? Let’s address this question objectively and practically, point-by-point.
- Students pursuing Masters program would live in the U.K. at least for a year to eighteen months. Perhaps two years, depending on the choice of study program. Many students may opt for internships or PSW opportunities. By this calculation, students could spend between two to three years in U.K. U.K. is the sixth largest economy in world, with USD 2.83 trillion GDP. Yes, it is slated to fall to the seventh place, but mind you, it has been one of the strongest economies since centuries, and their economic foundation is solid – it is bound to bounce back. So, the point is that students starting in 2024 intakes in the U.K., in all probability, would experience the revival of U.K.’s economy by 2026-27.
- Geopolitical reasons have also contributed to U.K.’s economic downturn. History teaches us that wars, whether short or long, do end. Thankfully, U.K. is not directly involved in the unfortunate Ukraine-Russian conflict and therefore, once the fight is over the country’s current account deficit due to rising import costs would shrink. Interest rates could be lowered, inflation could decrease, resulting in manageable cost of living.
- Let’s not forget that U.K.’s education quality is legendary; degrees earned from U.K. colleges / universities are highly reputed. Indian students could get career opportunities elsewhere in Europe, or any other continent / country. Just figure out which country has skill shortage specific to your academic credentials.
As a student, being worried about cost of living, economic problems and lack of career opportunities is understandable. You and your family would have to heavily invest to fulfil your study abroad aspirations. But falling prey to gloom-and-doom and negative news mongers is counterproductive. Do your own research, talk to friends or friends of friends who are already in the U.K. Listen to both point of views. Consider every aspect before making any decision. Reach out to us in case you need further help or information to know why studying in the U.K. could be a good choice.