Bank of England Governor Mervyn King launched an extraordinary attack on the Government's failure to track massive levels of migration from eastern Europe.
He hit out after it was revealed official estimates of the number of migrants living here are based on surveys of only a tiny number of those flooding through the country's airports.
Mr King, who uncovered the figures, said monitoring concentrates almost exclusively on Gatwick, Manchester and Heathrow airports - with only 79 interviews taking place outside these in the whole of last year.
This is despite the fact the vast majority of Poles and other eastern Europeans arrive on budget airline flights which arrive at smaller regional airports where few checks take place.
It could mean there are hundreds of thousands of eastern Europeans living here who do not appear on official records.
Mr King said the lack of proper information on who is living in the UK is hindering the bank's ability to set interest rates - which decide how much homeowners' pay each month on their mortgage.
In his most outspoken attack yet on an issue which is deeply alarming the Bank, Mr King warned: ‘The Bank is not in the business of doing a cost-benefit analysts of migration - that’s for government.
‘What we’re in the business of doing is in trying to understand the economic consequences of the movements that we see. And I keep stressing that our biggest concern is we simply don’t know how large the migration is.’
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