The lure of abroad for small firms

Almost one in four people in self employment are considering moving abroad to work in the next five years, according to a new study.
By The Newsroom
Published 7th May 2010, 20:55 BST
Updated 7th May 2010, 20:55 BST

A survey of 2,000 bosses of small to medium-sized firms by currency broker Foreign Currency Direct showed that the main reason for wanting to quit the UK was achieving a better work/life balance.

Two out of five of those considering moving abroad said it was because of the prospect of further tax rises, while a third believed that overseas countries offered greater chances of building a more profitable empire.

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Australia and New Zealand were the most popular destinations, while the prospect of working overseas was most popular among smaller businesses in the banking and finance, hospitality and leisure, and professional services sectors.

Stephen Hughes, director of Foreign Currency Direct, said: "Given the state of the UK economy it's hardly surprising that so many self-employed people are considering moving their business interests abroad.

"We've seen a significant jump in self-employed people transferring money abroad to set up their businesses as well as paying for big ticket items such as rental deposits and cars."

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