Britain faces a growing trend of young adults concluding that the UK is no longer the best place for them long-term. What are the potential consequences can it be reversed?
If one thing’s clear, it is that Britain has hardly been a beacon of stability in the last 10 years. 2016 brought the EU Referendum and the subsequent Brexit result which led to nearly four years of economic uncertainty.
When January 2020 arrived many believed that this was the first time in years without perennial instability. Then the pandemic struck and from that point, Britain appears to have been in a state of perpetual chaos whether it’s political, economic or societal.
Although there is a feeling of widespread despair from people of all ages about Britain’s troubles, it’s clear that much of the dissatisfaction is being felt by 18-24 year olds, especially young entrepreneurs along with university graduates who are questioning their future in the UK.
The workers with the highest dissatisfaction with the UK are those working in some of the country’s key industries including healthcare and educational professionals, lawyers as well as financial services professionals.
More than 50% of individuals working in these industries expressed interest or had considered opportunities abroad according to a recent survey.
One of the key issues that is an ongoing dilemma for Britain is the inability for many to buy a home in the big cities. The concerns over lack of home ownership creates a range of issues.
One of these is young adults concluding that the chances of them being able to purchase a house and raise a family in big cities, such as London or even Manchester, are extremely difficult if not bordering on impossible for some with many, particularly younger people who are typically more flexible being persuaded to make the move abroad instead.
There are a number of countries that have become hotspots for young talent who have left the UK including countries in Southern Europe such as Italy and Spain and Portugal.
Many countries even further afield such as the United States and the United Arab Emirates have also become the stomping ground for many young British entrepreneurs, the latter being particularly attractive due to its reduced tax rates.
Dubai and the wider Middle East have also become a hotspot for Brits who have made the move, incentivised by higher wages and other benefits that they wouldn’t enjoy in the UK.
This steady stream of young talent leaving for opportunities abroad risks becoming an exodus, leading to long-term economic harm to Britain’s economy.
There have also been warnings from business leaders including the co-founder of the online money app Revolut, Vlad Yatsenko, who highlighted southern Europe’s attractive tax policies.
Yatsenko told The Telegraph that “in the past, young people wanting to build careers would head to London, however these days people are heading to Southern Europe, attracted by financial rewards as well as climate and the lifestyle.”
A key point is that although financial rewards are likely to be the main driving factor behind decisions to relocate abroad, a far more attractive climate is als0 a huge positive to many who have become demoralised by the often dull and dreary British weather.
“I’ve never even contemplated moving abroad, but I am now.”
Jamie, 21, Medical Student
The healthcare profession, which is typically highly mobile, has consistently voiced concerns about a dwindling workforce due to professionals seeking opportunities abroad, mainly due to low pay and poor working conditions in the UK.
In the past year, Australia and New Zealand have run successful advertising campaigns targeting young workers as well as industry professionals, particularly in healthcare with the incentives being better pay, reduced stress with a better working environment as well as a warmer climate.
The British Medical Association (BMA) suggests that nearly a third of doctors working in Britain are likely or very likely to move abroad within the next 12 months, a statistic that should ring alarm bells for politicians in government today.
Artefact spoke to postgraduate medical student Jamie, who told us that despite never putting any thought into moving abroad to find employment, he was actively considering it in the last year. “It didn’t cross my mind at all really and I’ve always planned on finishing university and working in the UK. I’ve never ever even contemplated moving abroad, but I am a bit now,” he told us.
“I guess what made me start thinking about it was hearing other student’s conversations and talking to them as well as the state of the UK in general at the moment” going on to add “money would play a role in my decision making, 100%.”
When asked about potential destinations that he would consider, he said “I wouldn’t consider moving to the United States, but I’m really intrigued about the Middle East,” he added, saying that he was also interested in Australia “as I know some people who have gone out to Australia who work in the medical profession and really enjoy it.”
It’s clear that not only do financial reasons entice people to move to another country, it can also be working conditions depending on the industry, with the most common being the health profession.
Many of the issues that are influencing the decisions of young talent to move abroad, such as high property/rent prices, low wages and poor working conditions coupled with high taxes in comparison to some other countries are deep rooted long-term problems that must be addressed by government.
There are other European countries aiming to buck the trend of young talent fleeing for better opportunities abroad. Portugal is incentivising its young people to stay be considering plans to make workers under the age of 35 exempt from income tax.
In a survey of university students carried out by Artefact magazine, 7 in 12 suggested that they have considered potentially moving abroad for employment after higher education, with half of them stating that their main motivation for moving would be a better quality of life.
“I do miss some social aspects of life in the UK, financially I’m certainly better of here.”
Luca, recently moved to Australia
It’s clear that of those that have already taken the leap to leave the UK for better opportunities many don’t appear to regret the move.
Artefact also spoke to Luca Harley, 24, who recently moved from the UK to the Australian Gold Coast to take up a post in teaching: “The great thing about moving to Brisbane is that I’m doing something I’ve always wanted but I was also particularly wary of the salary limitations in the UK” he told us.
“Although I do miss some social aspects of life in the UK, financially I’m certainly better off here,” he said. It is clear that the main driving force behind many making the move abroad is the economic factor, believing that they will be financially better off outside the UK.
“I also feel less stressed, moving away from the busy, hectic life in the UK to here which has a much more relaxed and calming vibe than back home” he went on to add. This another advantage that is experienced by many who move abroad and leave the stressful life that comes with living and working in big cities such as London.
Ultimately, the government needs to create incentives as a matter of urgency in order to buck the trend of young talent leaving the UK, attracted by other countries’ offerings to disillusioned Brits if the UK wants to preserve its talent, who are vital to the economy of the future.
Featured image by Appenzell9050 via Pixabay CC.