More Brits Than Ever Before Looking To Leave Broken Britain

Monday, 10 May 2010

Nearly 75 per cent 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 government.

Of those surveyed, 31 per cent cite Britain's poor economy as a reason to leave, 23 per cent feel there is a lack of job prospects in the UK and greater opportunities abroad while 19 per cent are worried about the outcome of this week's election.

Other reasons making Brits want to up sticks and leave the UK include 12 per cent desiring a change of pace, 9 per cent felt the hike in taxes was a motive to leave while just 4 per cent 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, it is no surprise that only 2 per cent of those surveyed are looking to retire abroad this year.

More than 1,029 UK residents were surveyed by Currency UK.  The fact that three quarters of Brits have considered leaving the white isle marks a dramatic increase from just 25 per cent when the foreign exchange company conducted the same survey in 2005.

Five years ago the main motives for Brit's to consider leaving the UK were for work or taxation 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, hit the top slots.

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 by the prospect of a hung Parliament and 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."

Top destinations for British Expats in 2010

  1. Australia - 33%
  2. Canada - 26%
  3. United States of America - 15%
  4. New Zealand - 11%
  5. Spain - 7%
  6. France - 6%
  7. Thailand - 2%


Top 10 reasons why Brits will move away in 2010

  1. Poor Economy - 31%
  2. Access to jobs - 23%
  3. Poor Government - 19%
  4. Change to Pace of Life - 12%
  5. Tax relief - 9%
  6. Weather - 4%
  7. Seeking place to retire -2%




Over 1,029 people were randomly surveyed, conducted by Currency UK

Notes to Editors

Fully regulated by the FSA, Currency UK is one of the UK's leading foreign exchange brokers, ensuring individuals and companies can access the best rate for currency transfers across FX markets.

A major participant on the foreign exchange market, Currency UK regularly offers the most competitive rate on currency exchange and has moved millions of pounds around the globe for its clients.

Currency UK is a member of the Association of International Property Professionals (AIPP) and is the preferred foreign exchange partner of the Offshore Financial Trade Association (0FTA).