Disillusioned Brits Seek Pastures New
Monday, May 24, 2010

Nearly 75% of Brits have considered leaving the UK in the past year mainly due to the state of the economy, lack of job opportunities and uncertainty surrounding the future of the government.

The survey by Currency UK, which took place prior to the May 6 general election, suggested that almost one-third (31%) cite Britain's poor economy as a reason to leave, while 23% feel there is a lack of job prospects in the UK and greater opportunities abroad. Almost one-in-five (19%), were worried about the outcome of the election, which has resulted in a hung parliament and a Conservative/Liberal coalition government.

Other reasons making Brits want to up sticks and leave the UK include 12% desiring a change of pace, 9% felt the hike in taxes was a motive to leave while just 4% of those surveyed claimed they had had enough of Britain's damp climate.  With popular retirement locations, such as Spain and France feeling the effects of the economic downturn, only 2% of those surveyed are looking to retire abroad this year.

The percentage of respondents reporting their desire to leave Britain has grown significantly since Currency UK's 2005 survey, which found that just 25% were considering leaving the country, mainly for tax reasons.

Adrian Jacob from Currency UK, explained:

"Britain is now in a very different place compared to five years ago so I'm not wholeheartedly surprised by the results. However we weren't expecting three quarters of Brits to admit to having a desire to leave - I think this highlights the current uncertainly and unease that is mounting across the UK."

"In the last year we have seen a five-fold increase in the number of expat customers transfer currency sterling out of the country, mostly into non-euro currencies such as Australian, Canadian or US dollars. This trend encouraged us to survey why people wanted to leave the country and to see the destinations they are deciding to move to."

The survey also assessed the countries Brits would consider emigrating to. Spain and France are high on the list, but non Euro, English speaking destinations, with fewer visa issues, such as Australia and Canada, are the most popular.

Dubai, Iceland and Greece unsurprisingly did not make it into the top expat destinations due to their worsening economic situations.

Jacobs concludes: "Our survey highlights that many Brits are concerned that the next four years will be dominated by huge tax rises, cuts in public service and inflation. People are concerned about the country's economic strength and this is leading to Brits looking to get out."