Press Release Summary: As record numbers of Brits leave the UK for a new life abroad, currency specialist HiFX has released its first Annual Global Emigration Hotspots Report. The study reveals migration trends in 2007 and predicts where Brits will be moving to this year.
Press Release Body: As record numbers of Brits leave the UK for a new life abroad, currency specialist HiFX has released its first Annual Global Emigration Hotspots Report. The study reveals migration trends in 2007 and predicts where Brits will be moving to this year. Australia remains the top get away destination but Canada is moving up the rankings to become an emigration favourite too.
Latest figures from the Office of National Statistics show a record 400,000 Brits leaving Britain each year or nearly one in every 120 of the adult population. This figure, up from 359,000 the previous year, was the highest estimate since the ONS introduced the method to calculate Total International Migration 1991.
The report, based on analysis of enquiries received by HiFX, shows the number of enquiries from Brits looking to emigrate across all destinations was up by 22% in 2007, compared to the previous year. Australia remained the top destination last year, followed by Spain, New Zealand, Canada, the US and France.
Mark Bodega, Director of HiFX, says a strong pound, rising house prices and good job opportunities abroad, tend to be the main reasons for Brits to emigrate. However different destinations hold different appeal and changes to the migration process in certain 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 \'Ten Pound 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 to 2007, showing that recent changes to the Australian immigration rules are already impacting 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 up as those who have failed the new eligibility criteria in Australia make visa applications for New Zealand instead.
Meanwhile, the number of Brits emigrating to Canada almost doubled in 2007. But waiting times for Canadian visas continue to put UK migrants off so it is unlikely to 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 a house, car and some savings. While they carefully plan their new lives in minute detail, what many overlook is the potential cost of leaving their currency exchange in the wrong hands.
By transferring their worldly goods to their new country via a high street bank, the average family risks losing up to a staggering £10,000 of their assets. According to research from HiFX, banks typically charge 4% more than currency specialists in unfavourable exchange rates.
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