Why are people leaving the UK? 513,000 exited in 2024: Hint, it's about money

While the United Kingdom is dealing with an influx of refugees from all around the world, a new trend seems to have taken over the country, raising long-term concerns. A Financial Times report analysed the UK migration statistics and found that people of all ages are leaving the country.

One of the major reasons for this trend is the fact that the country is getting more and more expensive to survive in. Brits in the country are dealing with a triple whammy of high rents, high childcare costs and high taxes. Some of the locals living in London told the FT how other European capitals, such as Madrid, Paris or Berlin, are not as costly as the British capital.

The trend is becoming even more apparent among non-property-owning people in the country. As per the report, even entrepreneurs are seeking to take their businesses elsewhere in a bid to minimise capital gains tax bills on the sale of a business by relocating overseas. Not only this, recent changes in the country’s long-term residence rules have also been providing opportunities for British nationals leaving the country to avoid inheritance tax on their non-UK assets.

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Reasons why people are saying goodbye to the UK

The following are the reasons why people of all ages are contemplating leaving the UK:

• Economic Woes

As per the report, many are worried about the UK's unstable economy , especially in the wake of post-Brexit challenges. US President Donald Trump’s looming tariffs are also making things uncertain for citizens and businesses in the UK. Hence, there has been a rise in the search for countries with more stable economies among UK nationals.

• High Taxes 

For decades, the United Kingdom has been known for its welfare schemes. However, it becomes important to understand that these schemes are funded by taxes, which are increasing in the United Kingdom, year by year. The burden of rising personal and business taxes is prompting people to seek countries with more favourable tax regimes. Many in the country are contemplating moving to the Middle East, where the oil-rich nations are touted as “tax havens”.

• Cost of living crisis

Soaring prices for essentials and housing have made life increasingly unaffordable , pushing people to look for better opportunities abroad. Similar trends have been seen in other major English-speaking nations like Australia and the United States.

• Housing crisis

Another trend emerging among Western nations is the housing crisis , where youngsters are struggling to buy houses in the UK, especially in the capital. The shortage of affordable housing and skyrocketing rents or property prices are significant factors, particularly for young people and families.

• The struggle to access good healthcare

While the UK’s National Health Service (NHS) is lauded around the world for its affordability, the long waiting times, overcrowded hospitals, and declining quality of care are causing frustration. In light of this, some are seeking countries that offer more efficient healthcare systems.

• Political polarization

Ongoing political divisions, especially post-Brexit, have led to increased uncertainty and dissatisfaction with the direction the country is heading.

• Career stagnation

A lack of career prospects and stagnant wages are motivating people, especially the young and skilled, to move elsewhere for better professional growth and better pay.

• Desire for a better quality of life

Many simply want a more stable, peaceful, and fulfilling life, which they believe is possible in countries with a better climate, social environment, or work-life balance. According to the FT report, many people in the later stages of their lives are leaving the UK to avoid inheritance tax.

A recent British Council study found nearly three-quarters of 18 to 30-year-olds in the UK would consider living and working in another country in the short or long term. Not only this, but two-thirds of those surveyed said their standard of living was worse than it was for their parents’ generation. Overall, money is emerging to be the primary reason why people are contemplating leaving the country.