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Tax Rates, Poor Infrastructure Will Lead To More Wealthy Moving, Survey Says

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42% of wealthy Britons believe the UK offers a worse quality of life than other developed countries
42% of wealthy Britons believe the UK offers a worse quality of life than other developed countries

The number of wealthy Britons who move abroad is set to increase over the next two years, a survey revealed today, amid concerns over infrastructure, red tape and taxes.

Some 19% of people with savings and investments worth more than £250,000 are considering moving overseas, up from 17% six months ago and 14% a year ago, Lloyds TSB International Wealth said.

The new figure suggests that more than half a million people with that level of personal wealth may leave the UK in the next two years.

Investing in better infrastructure is seen as the most important way to make the UK a more attractive place to live, with 61% of wealthy people choosing this option, Lloyds said.

But cutting regulatory red tape for businesses, lowering taxes and improving public services such as healthcare, education and the police were all high on the agenda.

Nicholas Boys Smith, director at Lloyds TSB International Wealth, said the number of people expected to leave the UK includes a "large number of successful, affluent individuals who play an important role in powering the UK economy".

He said: "While the figures strongly suggest we won't see a mass exodus, it is clear that a significant and growing minority see opportunity and a better quality of life overseas."

Crime and anti-social behaviour is the most popular reason for people to contemplate leaving the UK, chosen by 56% of those considering leaving in the next two years.

However, this is a significant fall of 5% from the last time the survey was conducted shortly after the August riots in 2011.

While the figures do reveal that a minority of wealthy people are discontent about life in the UK, a majority of 62% said they are currently happy with the UK as a place to live.

Some 42% of wealthy Britons think the UK offers a worse quality of life than other developed countries, while 41% think life in Britain is generally more stressful than life overseas.