Expats Shunning Return to UK

    March 26, 2011 /24-7PressRelease/ -- After getting used to the better weather abroad and fearing the effect of Government cuts at home, increasing numbers of British expats are shunning a return to the UK. This is one of the key findings of a new report by Lloyds TSB International conducted in February 2011, which revealed that 67 per cent of expats have cancelled plans to move back to Britain. This represents an 11 per cent rise compared to the figures from six months ago.

- Few expats have moved back to the UK over past six months
- More than six in ten believe they have better financial prospects overseas - 14 per cent disagree
- Growing aversion to UK lifestyle revealed by Lloyds TSB International poll

Discussing the reasons for staying overseas, the large majority (65 per cent) think their financial future is rosier in the country where they are currently residing. Only a measly 14 per cent polled as part of the Lloyds TSB International Expat Survey* think their prospects are better back in the UK.

Commenting, Managing Director at Lloyds TSB International, Jakob Pfaudler, said: "We knew that most people who move abroad are glad they did so, but we were surprised at the growing pessimism about financial prospects in the UK."

He continued: "Much has been made of 'austerity Britain' in the press and elsewhere, and it seems to begin to contribute to expats' decisions to settle elsewhere for good.

"But generally we continue to find that lifestyle, not financial considerations, are the decisive factors in expats' keenness to stay overseas."

Only four per cent of British expats have plans to make a return to the UK next year, with 12 per cent of this number stating their miss the lifestyle of their birth country and 21 per cent claiming it will further their career.

Jakob concluded: "It seems the key to contentment as an expat is emigrating to improve your lifestyle or to benefit your family. The research shows that career and financial considerations are important, but that many expats consider them the icing on the cake rather than the cake itself."

More than 12,000 people are helped with setting up a new international bank account each year by Lloyds TSB International. For financial guidance and a checklist that can be used before you emigrate, visit: http://www.lloydstsb-offshore.com/international-current-accounts.

# # #