A new survey conducted by Lloyds TSB International suggests that 79% of British expats do not intend to return to their home country. The expat bank interviewed expats in countries including; Australia, Canada, France, Germany, Gibraltar, Channel Islands, Isle of Man, New Zealand, South Africa, Switzerland, Spain, UAE and USA.
The research also made clear that British expats living in Australia are even less likely to want to return to Britain with less than 10% expecting to return home.
26% of the expats surveyed said that Britain’s economic worries were a key driver of their move abroad. This compares with 17% in the same survey held 18 months ago.
The report conducted a year and a half ago concluded that 60% of British expats thought that they would return to Britain at some point meaning that this year’s results show over a 30% increase.
Richard Musty, private bank director at Lloyds TSB International, said, “Expats are increasingly turning temporary overseas work into a permanent move and it does seem that the UK is losing its allure for many people who have experienced different cultures and lifestyles.
“Availability of jobs and the cost of living certainly plays a role, but as our research shows, lifestyle factors can also be decisive in where people chose to live.”