An Exodus from the UK or will it be a Stampede?

More British people are hoping to emigrate with entrepreneurs in particular looking for countries with more favourable tax rates, according to research.


Only 17% of entrepreneurs believe that the UK is an attractive place to launch new business, according to a report from Investec Private Bank and the Entrepreneurs’ Organisation. While 88% were confident that revenue from UK business would increase in 2010, many indicated a desire to emigrate and transfer their money and their business abroad.


‘It would appear that they (entrepreneurs) feel there is considerable room for improvement in the overall regulatory and tax environment in the UK,’ said Ed Cottrell, from Investec. ’These people will be key to helping the country recover from the recession, so it is alarming to see many considering moving their operations abroad to more favourable environments,’ he added. The survey also shows that one in ten plan to move their residency away from the UK.


Sally Ernst, president of the Entrepreneurs Organisation, which helped compile the research, said: ‘Although entrepreneurs are more positive about the economic environment, we should not gloss over the fact that many feel there are challenges facing the UK business community.’ Switzerland has always been a popular European location for wealthy businesses, with an advantageous tax system allowing those in the highest income bands to keep more of their profits and there is anecdotal evidence that more are considering a move there.


Meanwhile another report shows that 34% of Britons hope to emigrate in the next decade. Of those who said they want to leave the UK, 61% said it is because of the way the country is run, according to the survey from experience day provider Intotheblue.co.uk. A high cost of living, the search for a warmer climate and rising rates of immigration were other reasons given for wanting to leave.


The latest figures from the Office of National Statistics, published in November 2009, show that 427,000 people emigrated from the UK in 2008. This was an increase of over 100,000 from the year before.


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Comment: to summarise, disaffected people wish to leave the UK because of:


 1) the high cost of living;
 2) the unfavourable tax environment;
 3) the inhospitable climate;
 4) the rising rates of immigration;
 5) the interference of government;
 6) the criminal elements within society;
 7) the economic situation;
 8) the high unemployment rate;
 9) the lack of opportunity;
10) the deprivation in city areas