New research conducted by Lloyds TSB International Private Bank suggests that despite the Conservative led coalition government cutting the top rate of income tax, more and more British millionaires are seeking a better life abroad as expats.
The most surprising reported figure from the research is the 23% of British millionaires who told the British bank that they were considering a move overseas compared with 17% 18 months ago when the tax and business environments were seemingly far worse.
The rise is fuelled by concerns about the British weather, crime and antisocial behaviour with tax worries subsiding compared with previous years.
Richard Musty, Lloyds TSB International Private Bank Director said, “The emigration figures back up what we’re seeing among our customers – growing numbers of Britons are leaving the UK, particularly to work overseas.
“Popular destinations include English-speaking countries such as Australia, the US and Canada, which have a relatively healthy economic climate, often making it easier to find a job. Destinations like France and Spain remain popular too.
“Nearly two-thirds blamed Britain’s poor weather conditions as a key reason they would leave the country, while other key reasons include concerns about levels of crime and anti-social behaviour, and perceptions about the UK’s high cost of living.”