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British Expats returning to UK in droves.....
HAMISH_MCTAVISH
Posts: 28,592 Forumite
http://www.independent.co.uk/news/world/europe/expats-exodus-as-brits-give-up-on-la-dolce-vita-1899058.htmlOn Monday evening, after 19 years in Italy, the British writer Steve Farrand walked out of his flat in the city of Livorno, Tuscany, for the last time. Having spent one final night on Italian soil in a local hotel, Farrand then headed for Pisa airport: destination Stansted, and a permanent return to the UK.
It had been nearly two decades since Farrand drove the 1,200 miles from Oldham to Livorno in a battered Volkswagen Golf, fell in love with Italy, and decided to try to carve out a life there. But while his writing for UK publications provided a fairly steady income, the combination of a weak pound, the recession and the rising cost of living made his Italian life increasingly precarious. When the offer of a job in Bath came up last month, he took it.
Farrand is far from alone in ending his expat dream. According to research by the UK foreign exchange specialists Moneycorp, 70 per cent of Brits living in mainland Europe are now thinking of moving back. The biggest factor is the drop in sterling's value against the euro, by roughly 30 per cent over the past three years. Compare that with 2006, when it was estimated that more than 200,000 Britons emigrated from the UK, with France, Spain and Italy the principal destinations.
For long-haul removal companies, business is flourishing – in one direction at least. "Since the start of last year, we've had an increase of nearly 50 per cent in people coming back to the UK," said Vince Robinson of removalstofrance.com, a Kent company specialising in European destinations. "Some of the smaller UK removal companies are struggling to get enough vehicles out there to cope with the demand because there's not so much of an outbound market."
Oh dear.....
More people flooding into the UK, population climbing ever higher.
Good thing there isn't a housing shortage or anything.....;)
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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HAMISH_MCTAVISH wrote: »Oh dear.....
More people flooding into the UK, population climbing ever higher.
Good thing there isn't a housing shortage or anything.....;)
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[QUOTE=boomerangs;29921877....[/QUOTE]
:rotfl:
Hordes of expats returning to the UK. That wasn't in the bear script at all. We were all supposed to be leaving, driven out by high house prices.
Oh dear......
Another bear meme bites the dust.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
It seems weird reading that story after watching that Nick Davies (flat earth news) video from the other thread
http://forums.moneysavingexpert.com/showthread.html?t=2275491&page=2'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
HAMISH_MCTAVISH wrote: »:rotfl:
Hordes of expats returning to the UK. That wasn't in the bear script at all. We were all supposed to be leaving, driven out by high house prices.
Oh dear......
Another bear meme bites the dust.
You really have nothing in your life do you?0 -
"The biggest factor is the drop in sterling's value against the euro, by roughly 30 per cent over the past three years."
That's the big news, not this house price stuff. The mighty pound ain't so mighty any more, so relative to the rest of the world UK workers have had massive pay cuts.
For the UK house-obsessed though, to expats sitting on Euros, AUD or USD, they have already crashed spectacularly. But for those looking to sell up and move abroad you will find your buying power has been massively reduced.
The problem with the currency falling so much is that wages haven't increased. If you're on a UK salary your buying power overseas has been significantly reduced. Which is why moving to the UK isn't as attractive financially as it used to be for people like me.0 -
The problem with the currency falling so much is that wages haven't increased. If you're on a UK salary your buying power overseas has been significantly reduced. Which is why moving to the UK isn't as attractive financially as it used to be for people like me.
I make the current DM:Sterling equivalent exchange rate to be 2.28, interestingly it fell from the ERM 2.95 to 2.20 after we were fortunately ejected from the ERM. It is assumed by many that the cheaper pound was behind much of the recovery in the 90's.
BTW the buying power of the pound has improved against the DM if you measure it against late 1992, and it has improved dramatically against the USD if you compare it to March 1985 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
HAMISH_MCTAVISH wrote: »:rotfl:
Hordes of expats returning to the UK. That wasn't in the bear script at all. We were all supposed to be leaving, driven out by high house prices.
Oh dear......
Another bear meme bites the dust.
They may well have been driven out by high prices.
But they now probably work in Euro's. And the exchange rate is very very much in their favour.
Sorry Hamish, you missed that boat.0 -
"The biggest factor is the drop in sterling's value against the euro, by roughly 30 per cent over the past three years."
That's the big news, not this house price stuff.
With the state the Euro is in with the Euro PIIGS (Portugal, Ireland, Italy, Greece, Spain) even the £ is going to look good against the Euro soon.0 -
I wonder what proportion of returnees were pensioners. Trying to live on an income fixed in pounds right now can't be much fun if you live abroad.
Over the past 5 or so years the Aussie dollar v Sterling exchange rate means you'd lose 40% if you had a fixed UK income. I also believe that the UK Government won a case in about 2000 or thereabouts allowing them to stop paying index linked increases in pensions to people that move abroad.0 -
I wonder what proportion of returnees were pensioners. Trying to live on an income fixed in pounds right now can't be much fun if you live abroad.
Over the past 5 or so years the Aussie dollar v Sterling exchange rate means you'd lose 40% if you had a fixed UK income. I also believe that the UK Government won a case in about 2000 or thereabouts allowing them to stop paying index linked increases in pensions to people that move abroad.
Applies to those living in Australia, South Africa, NZ & Canada (the countries with the largest number of British pensioners).
It would not apply to those living in Spain.0
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