Life as a British expat isn’t what it’s cracked up to be, according to new research that suggests many retired expats are returning in their droves to Britain.
The reported trend of expats returning to the UK is based on currency exchange year on year figures from HiFX, showing this year a 175% increase in the number of euro to sterling transactions and a 120% increase in the number of US Dollar to sterling transactions.
Mark Bodega, director of HiFX, explains: ‘With the volatility of the pound and a degree of uncertainty remaining around the global economic climate Brits are continuing to feel the pinch and act cautiously.
‘According to many of our clients they are returning home to the UK after seeing their savings and income stripped by the plunging values of the pound; selling property and other foreign assets. Expat pensioners have also seen their income slashed by a third. When faced with this drop it's no surprise that we are seeing more and more selling up and returning home.’