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Latest figures from the Office of National Statistics show a record 400,000 Britsleaving Britain each year or nearly one in every 120 of the adult population. Thisfigure, up from 359,000 the previous year, was the highest estimate since the ONSintroduced the method to calculate Total International Migration 1991.
The report, based on analysis of enquiries received by HiFX, shows the number ofenquiries from Brits looking to emigrate across all destinations was up by 22% in2007, compared to the previous year. Australia remained the top destination lastyear, followed by Spain, New Zealand, Canada, the US and France.
Mark Bodega, Director of HiFX, says a strong pound, rising house prices and good jobopportunities abroad, tend to be the main reasons for Brits to emigrate. Howeverdifferent destinations hold different appeal and changes to the migration process incertain countries is affecting the numbers of people choosing to move there.
After World War II many Britons were sold the dream of a new life in Australia,seduced by a fare of just 10. Sixty years on, the desire to join the original 'TenPound Poms' shows no signs of abating. However, in comparison to other destinations,the total percentage of people emigrating to Australia decreased by 5% from 2006 to2007, showing that recent changes to the Australian immigration rules are alreadyimpacting emigration trends.
Neighboring New Zealand also decreased in popularity with enquiries dropping by 7%2006 to 2007. However HiFX predicts the numbers moving to the country will pick upas those who have failed the new eligibility criteria in Australia make visaapplications for New Zealand instead.
Meanwhile, the number of Brits emigrating to Canada almost doubled in 2007. Butwaiting times for Canadian visas continue to put UK migrants off so it is unlikelyto catch up with Australia in terms of overall popularity.
On average, a UK family emigrates abroad with assets of 250,000 from the sale of ahouse, car and some savings. While they carefully plan their new lives in minutedetail, what many overlook is the potential cost of leaving their currency exchangein the wrong hands.
By transferring their worldly goods to their new country via a high street bank, theaverage family risks losing up to a staggering 10,000 of their assets. According toresearch from HiFX, banks typically charge 4% more than currency specialists inunfavourable exchange rates.
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