UK in for ‘brain drain’ 1st September 2010: The UK is facing ‘brain drain’. Talented foreign professionals are returning home. In fact, it emerged a fifth of expats — a person voluntarily absent from home or country — are considering the feasibility of returning home, according to a research.
The findings come at a time when the new government is talking of attracting foreign professional to the UK, and have made it clear that the impending cap on immigration won’t affect them.
The survey by HSBC of 4,100 expats in 100 countries found the rising inflation and poor job prospects are taking is toll. A further 67 per cent expats in Britain believe the economy has worsened over the last year.
Approximately a third talked to said there were less career opportunities in Britain since the start of 2009. More than 50 per cent said a "considerably higher" cost of living has made Britain one of the least favourable locations to live in.
Lisa Wood of HSBC said it was clear that the impact of the economic downturn has a significant effect on expats based in the UK; one in five UK-based expats are considering returning to their home country.
She added as many expats based in the UK are young professionals, this trend could lead to talented workers looking to other countries for higher salaries and better career progression.