Emigration costing the UK £14 billion Monday 25 February 2008 PDF Print Caxton FX, one of the UK’s leading currency companies, reveals the startling cost of emigration to the UK economy. The company estimates that the typical émigré from Briton is costing the United Kingdom £100,000, with the majority of this sum generated from the sale of the emigrant’s primary home. The additional cost of potential earnings and retail spend make up the remainder of the figure. Those looking to start a new life 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 Australia, New Zealand, Spain, France or the US. A recent study by the Organisation of Economic Co-operation and Development (OECD) estimates that there are currently three million Britons living overseas. This represents one of the highest levels of emigration since the 1960s and has been described as a “brain drain” as many of the emigrants are highly educated professionals. Presuming Caxton FX’s figures are correct, the emigration trend is costing the UK economy £14 billion. The growing trend highlights a number of concerns: • Three million Britons living abroad • Highest levels of emigration for 50 years • Average UK emigrant taking £100,000 million out of the UK • The overall cost to the UK economy is £14 billion • 32% of émigrés establish a new life in Australia or New Zealand Rupert Lee-Browne, a director at Caxton FX, cites a number of factors contributing to the increase in emigration, “The environment for wealth-creators has become unwelcoming. Stealth-taxes, increased bureaucracy and failing government policies are blamed as the main drivers for this exodus. Our clients’ perceptions are that the real opportunities are outside this country. “In particular, we have been seeing unprecedented demand from clients emigrating to Australia and New Zealand. House prices are a real motivation. Typically, our clients are still able to secure property in New Zealand for less than £150,000. We recently opened a new Asia-Pacific office to cope with the rising number of clients establishing a new life Down Under.” - ENDS - For further information, please contact: Rupert Lee-Browne, Caxton FX, Tel: 0845 658 2223, E-mail: email@example.com For press information (not for publication): Lana Wrightman, Tel: 020 3022 5063, Mobile: 07725 95 1310, E-mail: firstname.lastname@example.org This press release was distributed by ResponseSource Press Release Wire on behalf of Lana Wrightman in the following categories: Men's Interest, Home & Garden, Women's Interest & Beauty, Personal Finance, Business & Finance, Travel, Education & Human Resources, for more information visit http://pressreleasewire.responsesource.com/about.