According to a recent survey the majority of British expatriates living and working abroad choose to keep savings in English sterling, even if they have not been in the UK for years and have no plans to return.
The survey, conducted by Lloyds TSB International, discovered that 80 percent of the respondents kept sterling savings. This is encouraging news as it shows that Brits abroad still have faith in the pound, despite recent unrest.
Managing director of Lloyds TSB International, Jakob Pfaudler, said: "Following two or three challenging years, it is good to see that confidence in the British banking system and in sterling is returning. The stabilisation and recapitalisation of the UK banking system is clearly at the heart of this.
He added that: "The expat community has quite a unique insight into the UK economy as they have one foot in the camp of their new country of residence but also keep very close ties with the UK. Considering this, it is encouraging that our customers and Brits living abroad are backing sterling again."