According to a new study, British expats are cancelling plans to return to the UK, as their finances and living standards are much better in their new homes.
The Lloyds TSB report revealed that around 15 percent of expats have decided to stay away from the UK. A number of factors can be attributed to this attitude- the faltering UK economy and social unrest highlighted by the August riots, have led to expat Brits who don’t plan a UK return leaping up 13 percent in a year.
Tony Wilcox, Managing Director of Expatriate Banking, Lloyds TSB International, said :“From economic woes to August’s riots, the UK has faced a catalogue of bad news in recent months. Coupled with expats’ view that the quality of life is higher and they are financially better-off abroad, it’s not surprising that so many have cancelled their plans to return to the UK.”
Wilcox added: “Considering longer-term trends, I think expats’ increasing happiness with life overseas also reflects that large groups of people in the UK are gradually becoming more outward-looking with increased global travel, more international business and many people generally coming into more contact with other cultures. It has become easier and a more natural transition for some people to settle in and enjoy life overseas than it would have been 20, even ten, years ago.”