The UK economy is not looking too healthy at the moment and fears of a return to recession are weighing heavily upon the Pound and harming confidence. Another impact of the weak economy is that wages in most jobs have been frozen. The situation is becoming so bad that up to a third of emigrating Brits are leaving the country to improve their wage prospects.
According to data collected by Lloyds TSB international more than two-thirds of British expats who have moved abroad for work are earning more than they did in the UK, with eight out of ten saying that they feel more financially secure than when they were in the UK.
Richard Musty, director at Lloyds TSB International Private Bank, told the Telegraph newspaper: “In today’s difficult employment market there is a trend for people to relocate to different countries for work. The financial services and manufacturing industries, both of which have been impacted by a challenging economic climate, stand out in terms of the number of people moving abroad for work.
‘However, employers seem to be aware of the challenges and it’s encouraging to see the extent to which they are prepared to help facilitate the move. Significantly, 55% of our respondents were offered a moving allowance, with a further 50% offered help with housing costs, and 43% given flights home.”
The most popular destinations for wage seekers are the English-speaking nations like the USA, Australia and Canada. The US is the most popular with 17% of job seeking Brits heading there. 16% go to Canada and 12% go to Australia. Most of the expats heading abroad for work typically work in the technology industries and manufacturing, as well as the financial services sector.
Despite the problems in the Euro zone and the high levels of unemployment in countries like Spain, Italy, Greece, Portugal and Ireland, the biggest concentration of technology based jobs is in Germany. For manufacturing a potential expat should look to South Africa.