Wealthy Brits are increasingly looking to leave the UK due to issues such as high taxes, poor public services, red tape and lack of investment in infrastructure, a new study has revealed.
Around 19 percent of wealthy Brits are openly considering a move overseas within the next two years, according to research conducted by Lloyds TSB International Wealth.
This suggests that around half a million people worth more than £250,000 could leave the UK by 2014.
Creating a better infrastructure was touted as the main way to improve UK living conditions with 61 percent of wealthy people suggesting this. Following this, 49 percent wanted reduced business red tape and 45 percent requested lower taxes, and 44 percent wanted to see improvements made on public services like healthcare, education and the police.
Nicholas Boys Smith, director, Lloyds TSB International Wealth said: “Our research suggests the number of wealthy people leaving the UK is set to increase in the next two years. This includes the large number of successful, affluent individuals who play an important role in powering the UK economy While the figures strongly suggest we won’t see a mass exodus, it is clear that a significant and growing minority see opportunity and a better quality of life overseas.”