In a survey of 60 to 65 year old Brits, Currency UK has found that more than 43 % are considering a move overseas as government spending cuts and tax hikes hit confidence. Of those wanting to flee Britain, a quarter stated they would make the move permanently, with the others seeking a holiday home or expressing a desire to travel.
The reasons given for leaving the UK's shores when retiring included:
- 32% - cost (cheaper to live abroad)
- 26% - feel that Britain has little to offer a retiree
- 19% - for better weather
- 8% - seeking a better standard of living
- 8% - to be neared to family
- 4% - to travel
- 3% - other
Adrian Jacob from foreign exchange broker Currency UK explains: "The pound has been weak in recent years and many retirees have been forced to move back - particularly from France and Spain. As the pound has now started to rally, and predictions of soaring interest rates in coming years hit the press, a recent trend over the last three months has been retirees seeking to move to Spain and France, making the most of reduced property prices."