Emigration is costing the UK �14bn

A typical émigré from Briton is costing the UK economy £100,000, according to estimates from currency firm Carlton FX, with the majority of this sum generated from the sale of the emigrant̵7;s primary home.

A typical émigré from Briton is costing the UK economy £100,000, according to estimates from currency firm Carlton FX, with the majority of this sum generated from the sale of the emigrant̵7;s primary home.

Those looking to restart their lives abroad are exchanging an average of £70,000 upon leaving the country to fund their move, with most emigrants choosing to take these funds to Spain, France, US, Australia and New Zealand; the latter two countries attract 32 per cent of all relocators. The additional cost of potential earnings and retail spend make up the remainder of the figure.

A recent study by the OECD (Organisation of Economic Co-operation and Development) estimates that there are 3m Britons living outside of the UK. This represents one of the highest levels of emigration since the 1960s, and has been described as a new ̵6;brain drain̵7;, as many of the emigrants are high-educated professionals. Caxton FX̵7;s figures suggest the emigration trend is costing the UK economy £14bn overall.

̶0;The environment for wealth-creators has become unwelcoming [in the UK],̶1; says Caxton FX director Rupert Lee-Browne. ̶0;Stealth-taxes, increased bureaucracy and failing government policies are blamed as the main drivers for this exodus. Our clients̵7; perceptions are that the real opportunities are outside this country.̶1; Www.caxtonfx.com.

Image: the UK is experiencing one of the highest levels of emigration since the 1960s, currency company Caxton FX claims.

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