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Half ready to emigrate? - 13 March 2009

With the UK economy deep in recession, unemployment rising and Sterling at an historic low against the Euro and US Dollar, nearly half of all British workers are considering emigrating from the UK to work abroad, according to fresh research conducted by foreign exchange specialist Travelex Personal Payments.

With the press rife with reports of rising unemployment levels, Britain could see a mass exodus of its workforce, as more than half of those polled (51 per cent) in this new survey would consider making the move if they get made redundant or lose their jobs.

Many of those considering relocating are often from highly skilled careers, raising fears of a skills gap and a 1980s-style 'brain drain'.

Amongst the most likely to leave are graduates or trainees (75 per cent), those working in the marketing, advertising and PR sectors (64 per cent), electronics (53 per cent), engineering and manufacturing (51 per cent) and banking, finance and insurance (48 per cent).

The research also reveals the emigration hotspots as Australia (42 per cent), the US (34 per cent), New Zealand (33 per cent), Canada (29 per cent) and Spain (24 per cent).

Richard Kirk, Head of Travelex Personal Payments, said, "Whilst it may be exciting, emigrating can also be fraught with difficulties.

"Not only can red tape, language difficulties and settling into a new job and routine put a strain on things, but you have to deal with the costs associated with moving yourself or your family, outgoings back home and moving money across borders.

"If not handled, properly, commission, bank charges and changes to exchange rates could end up costing you enormously," he added.

Why they would move, according to the study

1) For a better quality of life (60 per cent)
2) Better job prospects abroad (33 per cent)
3) Because of poor economic conditions (31 per cent)
4) Rising unemployment (29 per cent)
5) The lure of lower taxes, or tax free opportunities abroad (27 per cent)

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