Country: Australia
9 March 2009
With the UK economy deep in recession, unemployment rising and sterling at an historic low, nearly half of all British workers - 45% - are considering relocating from the UK to work abroad, according to fresh research conducted by foreign exchange specialist Travelex Personal Payments.
With the press rife with reports of rising unemployment levels, Britain could see a mass exodus of its workforce, as more than half of those polled (51%) will consider making the move if they get made redundant. Many of those considering relocating are often from highly skilled careers, raising fears of a skills gap. Amongst the most likely to leave are graduates or trainees (75%), those working in marketing, advertising and PR (64%), electronics (53%), engineering and manufacturing (51%) and banking, finance and insurance (48%).
The research also reveals the emigration hotspots as Australia (42%), the US (34%), New Zealand (33%), Canada (29%) and Spain (24%).
Richard Kirk, head of Travelex Personal Payments, comments: “Whilst it may be exciting, emigrating can also be fraught with difficulties. Not only can red tape, language difficulties and settling into a new job and routine put a strain on things, but you have to deal with the costs associated with moving yourself or your family, outgoings back home and moving money across borders. If not handled, properly, commission, bank charges and changes to exchange rates could end up costing you enormously."
Why they would move, according to the study:1) For a better quality of life (60%)2) Better job prospects abroad (33%)3) Because of poor economic conditions (31%)4) Rising unemployment (29%) 5) The lure of lower taxes, or tax free opportunities abroad (27%)
Travelex’s top financial tips when relocating abroad:· Good budgeting in advance could make the world of difference. You can work out what is going to cost you whilst you find your feet, what you will need for your new home, and what you will need to send home.
· Use the expertise and knowledge of a foreign exchange specialist – they know the markets better than anyone and can provide significant advice and guidance through the relocation process.
· Do your research – reputable foreign exchange specialists can offer more competitive rates than banks for moving money around.
· Beware of the fact that legal red tape can slow the processes down for bigger purchases such as an overseas property.
· Avoid excess charges by ensuring any regular overseas payments arrive on time every time, some specialists enable customers to set up 12 monthly payments in advance.
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