It Is No Wonder Why Brits Are Heading Abroad
Spencer Dale, Bank of England’s chief economist, has made it very clear that the UK’s economy will take many years before it sees any type of recovery. When you read this, and once the revelation sinks in. It comes as no surprise that Brits looking to improve their lives are having to head overseas.
The UK has been through a recession that has left deep wounds, and in turn it has caused widespread problems for everyone living in the United Kingdom. The recession is still keeping interest rates down, as the Government fights hard to get the UK moving in the right direction.
UK economy heading in the right direction
Mr Dale did state that he felt that the economy was moving in the right direction, and the housing market bubble is a perfect example. He went on to say that ‘we know that the housing market can quickly go from normal levels to overheating’. Spencer Dale is also part of the Bank of England’s Monetary Policy Committee, and as it happens it is the Committee who sets the interest rates for the UK.
The latest news on the interest rate is that it will not be rising until unemployment drops down to 7%. But unemployment has fallen faster than anyone could have expected. Which has led the Bank of England to say, falling unemployment cannot be regarded as the only requirement for the interest rate to rise.
With so many factors causing damage to economic growth and salary rises. It comes as no surprise that Brits are turning their backs on the UK, for the opportunities that lie in wait in other parts of the world. When you add in better weather and other elements that could contribute to a better life, the UK will have a hard time convincing British expats to return to their homeland.