The government is building a network of spies to make immigrants' lives impossible

Just try renting a house on a valid student visa after the latest proposals go through.

In the last four years, I have applied for three different types of visas and changed flats four times in the UK. Neither are prospects I ever look forward to. The last time I was searching for a flat was just a few months ago. I saw a cosy flat in Wapping and, walking around the canal and the pretty cobbled streets, decided to put down the "offer money". The landlord refused the offer on the grounds that I was on a student visa (I wasn't – I was on a post-study work visa, but not many people know the difference). I knew at the time that my housing and visa woes were not over.

So when I found another flat that I liked, I explained to the agents that I only had three months left on my current visa but was soon going to apply for a work visa sponsored by my employer. Luckily, I have a permanent job with a well-known employer and the agents accepted my explanation as a convincing one. But it was only that – luck. The agents could have just as easily rejected my explanation.

Every time I have looked for a flat, I have dreaded this situation. I can’t help but think how easily it could get worse if the proposals to make private landlords responsible for checking their tenants’ immigration status are implemented. It is no secret that housing is tight in London and so landlords have a lot more power and decision-making authority than tenants do. It is not unimaginable that if a measure making landlords liable for their tenants’ migrant status is introduced, landlords (and agents) would prefer to not let their properties to migrants at all to avoid "hassle".

These measures are among a number of absurd anti-immigration measures that have been discussed and proposed quite forcefully ever since the prospect of Romanians and Bulgarians being able to move to the UK to live and work has emerged. These have ranged from a negative publicity campaign (that is, "Don’t come to the UK! It’s a dump!") to not allowing children of illegal immigrants to attend schools in the country (because it’s completely the children’s fault for letting their parents come to the country and stay as illegal immigrants). The measures mentioned in the Queen’s speech, the third to be delivered since the Tories took charge, are yet more of the same.

The idea, if we are to draw any coherence in the proposed measures, seems to be to install proxy immigration officers within all vital services to make it difficult for migrants to stay in the country illegally and/or become "benefits tourists". However, the implications of these measures will be beyond just illegal immigrants; in practice, they will affect all immigrants (even the "good ones").

Any migrant in the UK (and I imagine in other countries too) will speak of how life seems to revolve around paperwork at every step of settling into some kind of normalcy – documents to prove your national identity, documents to prove your residence status, documents to prove your "leave to remain", documents to prove your finances and so on. Thankfully, one of the few places I haven’t been asked to produce my passport and visa in order to register is health centres. All I’ve ever been asked for is a proof of address (which is easy to produce, at least once the housing situation has been resolved). Healthcare is a basic human right and I have always liked to think that it is recognised as such in the UK which is why I don’t have to demonstrate the legality of my residence in the country to be able to see a GP.

But now there is speculation about even the NHS becoming another proxy immigration officer by being required to determine the status of migrants before allowing them access to treatment. Would this mean that with three months left on my visa, I would have either limited or no access to a GP? Worse, what would happen to vulnerable migrants, such as domestic workers, who often become "illegal immigrants" because of circumstances not under their control?

Under the new visa rules for migrant domestic workers, domestic workers are no longer allowed to change employers or the type of employment. Domestic workers are often made to work as slaves and abused by their employers. The most significant implication of these changes is that if a domestic worker runs away from the employer, they immediately become illegal immigrants – that is, if they try to escape violence and abuse, they face deportation. Requiring NHS to check residence status of migrants before offering them treatment would mean that healthcare would become yet another service they can’t turn to.

The government’s anti-immigration rhetoric is sloppy populism. The proposals have clearly not been thought through and demonstrate no understanding of current immigration issues, including those caused by the many complicated rules around visas. It needs to be recognised and acknowledged that migrant statuses are not always very straightforward. There are also more complicated situations, such as mine, where my visa was about to run out and I knew I’d apply for a new one but had no evidence to prove that. Or, more importantly, such as that of migrant domestic workers who have to often choose to put up with abuse to continue living in the country to support their families back home.

Obviously, with such complicated situations, the distinction between the "good hardworking legal immigrant" and the "bad illegal leaching immigrant" is not always a clear one, but this anti-immigration discourse creates and contributes to the sentiment that all immigrants are bad, undesirable and to be suspected and scrutinised all the time.

This growing web of proxy immigration officers – schools, landlords, NHS – not only belies the incompetence of the Border Agency but is also immorally and unashamedly targeting basic human rights without any relevance to or understanding of the practical situation. What’s going to be next? Show your resident card before you can buy food?

Papers, please… Photograph: Getty Images

Asiya Islam is a feminist blogger and currently works as equality and diversity adviser at the London School of Economics. She tweets as @asiyaislam.

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Artemis Monthly Distribution Fund: opportunities in volatile markets...

The Artemis Monthly Distribution Fund is a straightforward portfolio that combines bonds and global equities with the aim to deliver a regular income. It is run by James Foster and Jacob de Tusch-Lec. James also manages the Artemis Strategic Bond Fund whilst Jacob also manages the Artemis Global Income Fund. Whilst past performance is not a guide to the future, the Monthly Distribution Fund has returned 76.7%* since launch in 2012. Its current yield is 3.9%. It is also the top performing fund in its sector.*

Political uncertainty and the actions of central banks continue to create market volatility. In this article, James Foster talks about the opportunities this has provided and which areas of the market he considers most attractive.


The approach of the European Central Bank (ECB) has been both broad and radical. The increase to its quantitative easing (QE) programme has helped to push the yields on an even wider range of government bonds into negative territory. The cheap financing it offered to banks was less expected. To date, however, it has done little to ease fears that European banks are in trouble. The performance of bank shares across Europe (including the UK) has been abominable. Returns from their bonds, however, have been more mixed.

Bonds issued by banks and insurers are an important part of the portfolio. We increased our positions here in February but reduced them subsequently, particularly after the UK’s referendum on the EU in June. Our insurance positions have increased in importance. New Europe-wide solvency rules were introduced at the beginning of the year. They make comparisons easier and give us more comfort about the creditworthiness of these companies.

As part of its QE programme, the ECB announced that it would start buying corporate bonds with the aim of reducing borrowing costs for investment-grade companies. After months of preparation, the purchases began in June. The mere prospect of the ECB buying corporate bonds proved as significant as the reality. The implications, however, could be even more profound than they initially appear. Bonds of any investment-grade issuer with a European subsidiary are eligible.

Moreover, the ECB has changed the entire investment background for bonds. Companies are more likely to do their utmost to retain their investment-grade ratings. The financial benefits are so great that they will cut their dividends, issue equity and sell assets to reduce their borrowings. We have already seen RWE in Germany and Centrica in the UK undertaking precisely these policies.

High-yield companies, meanwhile, will do their utmost to obtain investment-grade ratings and could also lower their dividends or raise equity to do so. This creates a very supportive backdrop to the fund’s bonds in the BBB to BB range, which comprise around 28% of the portfolio.

The backdrop for higher-yielding bonds – those with a credit rating of BB and below – has also been volatile. Sentiment in the first quarter of 2016 was weak and deteriorated as the risk of recession in Europe increased. These types of bonds react very poorly to any threat of rising default rates. With sentiment weak in February and March, they struggled. However, the generosity of the ECB and stronger economic growth readings helped to improve sentiment. Default rates are higher than they were, but only in the energy sector and areas related to it.

We felt the doom was overdone and used the opportunity to increase our energy related bonds. Admittedly, our focus was on better quality companies such as Total, the French oil company. But we also increased positions in electricity producers such as EDF, RWE and Centrica. In a related move, we further increased the fund’s exposure to commodity companies. All of these moves proved beneficial.

One important area for the fund is the hybrid market. These bonds are perpetual but come with call options, dates at which the issuer has the option to repay at par. They have technical quirks so they do not become a default instrument. In other words, if they don’t pay a coupon it rolls over to the following year without triggering a default. In practice, if the situation is that dire, we have made a serious mistake in buying them. These hybrids have been good investments for us. Their technical idiosyncrasies mean some investors remain wary of these bonds. We believe this concern is misplaced. For as long as the underlying company is generating solid cashflows then its bonds will perform and, most importantly, provide a healthy income, which is our priority.


In equities, our response to the volatility – and to the political and economic uncertainties facing the markets– has been measured. We have been appraising our holdings and the wider market as rationally as possible. And in some cases, the sell off prompted by the Brexit vote appeared to be more about sentiment than fundamentals. We will not run away from assets that are too cheap and whose prospects remain good. We retain, for example, our Italian TV and telecoms ‘tower’ companies – EI Towers and Rai Way. Their revenues are predictable and their dividends attractive. And we have been adding to some of our European holdings, albeit selectively. We have, for example, been adding to infrastructure group Ferrovial. Its shares have been treated harshly; investors seem to be ignoring the significant proportion of its revenues derived from toll roads in Canada. It also owns a stake in Heathrow Airport, which will remain a premium asset whose revenues will be derived from fees set by the regulator whether the UK is part of the EU or not.

In equities, some European financials may now be almost un-investable and we have lowered our risk profile in this area. Yet there are a handful of exceptions. Moneta Money Bank, for example, which we bought at the initial public offering (IPO). This used to be GE’s Czech consumer lending business. The Czech Republic is a beneficiary of the ongoing economic success of Germany, its neighbour, and unemployment is low. The yield is likely to be around 8%. And beyond financials, prospects for many other European stocks look fine. Interest rates that are ‘lower for longer’ should be seen as an opportunity for many of our holdings – notably real estate companies such as TLG Immobilien  and infrastructure stocks such as Ferrovial – rather than a threat.


For high-yield bonds the outlook is positive. For as long as the ECB continues to print money under the guise of QE it will compel investors to buy high-yield bonds in search for income. The US economy is also performing reasonably well, keeping defaults low. Despite the uncertainty created by Brexit, that oil prices have risen means we can expect default rates to fall.

At the same time, there are a number of legitimate concerns. The greatest, perhaps, is in the Italian banking system. A solution to the problem of non-performing loans needs to be found without wiping out the savings of Italian households (many of whom are direct holders of Italian bank bonds). Finding a solution to this problem that is acceptable both to the EU and to Italian voters will be hard. Other risks are familiar: levels of debt across Europe are too high and growth is still too slow.

* Data from 21 May 2012. Source: Lipper Limited, class I distribution units, bid to bid in sterling to 30 September 2016. All figures show total returns with dividends reinvested. Sector is IA Mixed Investment 20-60% Shares NR, universe of funds is those reporting net of UK taxes.

† Source: Artemis. Yield quoted is the historic class I distribution yield as at 30 September 2016.



Source: Lipper Limited, class I distribution units, bid to bid in sterling. All figures show total returns with net interest reinvested. As the fund was launched on 21 May 2012, complete five year performance data is not yet available.


To ensure you understand whether this fund is suitable for you, please read the Key Investor Information Document, which is available, along with the fund’s Prospectus, from

The value of any investment, and any income from it, can rise and fall with movements in stockmarkets, currencies and interest rates. These can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. This could mean that you won’t get back the amount you originally invested.

The fund’s past performance should not be considered a guide to future returns.

The payment of income is not guaranteed.

Because one of the key objectives of the fund is to provide income, the annual management charge is taken from capital rather than income. This can reduce the potential for capital growth.

The fund may use derivatives (financial instruments whose value is linked to the expected price movements of an underlying asset) for investment purposes, including taking long and short positions, and may use borrowing from time to time. It may also invest in derivatives to protect the value of the fund, reduce costs and/or generate additional income. Investing in derivatives also carries risks, however. In the case of a ‘short’ position, for example, if the price of the underlying asset rises in value, the fund will lose money.

The fund may invest in emerging markets, which can involve greater risk than investing in developed markets. In particular, more volatility (sharper rises and falls in unit prices) can be expected.

The fund may invest in fixed-interest securities. These are issued by governments, companies and other entities and pay a fixed level of income or interest. These payments (including repayment of capital) are subject to credit risks. Meanwhile, the market value of these assets will be particularly influenced by movements in interest rates and by changes in interest-rate expectations.

The fund may invest in higher yielding bonds, which may increase the risk to your capital. Investing in these types of assets (which are also known as sub-investment grade bonds) can produce a higher yield but also brings an increased risk of default, which would affect the capital value of your investment.

The fund holds bonds which could prove difficult to sell. As a result, the fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities.

The historic yield reflects distribution payments declared by the fund over the previous year as a percentage of its mid-market unit price. It does not include any preliminary charge. Investors may be subject to tax on the distribution payments that they receive.

The additional expenses of the fund are currently capped at 0.14%. This has the effect of capping the ongoing charge for the class I units issued by the fund at 0.89% and for class R units at 1.64%. Artemis reserves the right to remove the cap without notice.

Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.

Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.

Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority.