Rich becoming keener to quit UK

MORE than half a million wealthy Britons are expected to move abroad in the next two years amid concerns about crumbling road and rail networks, crime and high taxes, a survey reveals today.

Some 1 per cent of people with savings and investments worth more than £250,000 are considering a new life overseas, which is up from 17 per cent six months ago and 14 per cent a year ago.

The figures suggest that at least 500,000 people with that level of personal wealth may leave the UK in the next two years.

Investing in improving the infrastructure, such as roads, railways and communications networks, is seen as the most important way to make the UK a more attractive place to live, with 61 per cent of wealthy people choosing this option.

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, which carried out the survey, 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 per cent.

Some 42 per cent of wealthy Britons think the UK offers a lower quality of life than other developed countries, while 41 per cent believe living in Britain is more stressful.

However, 62 per cent said they are still currently happy with the UK as a place to live.