Half a million wealthy Brits eye UK exit

Julian Harris
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A GROWING number of wealthy Britons are weighing up a move abroad, with a possible exodus of more than half a million people over the next two years.

Nearly one in five well-off Brits (19 per cent) are considering emigrating, sharply up from 14 per cent one year ago.

The figures, compiled by Lloyds TSB, say that 544,000 people with investments of more than a quarter of a million pounds – excluding property – may leave in the next two years.

“This is not restricted to the small number of internationally mobile, ultra-high net worth individuals,” the report said. “This includes the large number of successful, affluent individuals who play an important role in powering the UK economy.”

Potential emigrants cited better infrastructure (61 per cent), less red tape (49 per cent) and lower taxes (45 per cent) as ways of making the UK more attractive.

Yet some off-putting factors are not the fault of government. Over half (55 per cent) of those surveyed who might leave the country blamed the weather.

And despite a growing number of possible emigrants, 62 per cent of the wealthy are currently happy with the UK as a place to live.