Americans decide to go home
August 27, 2009
Recent trends suggest that Americans living in Britain, disappointed by a rise in tax and the dismal economic situation are deciding to return home. According to the Office for National Statistics the number of Americans in the U.K. dropped to 126,000, a decrease of 3.8 per cent in the year through September.
Mark Tilden, who wrote a report on the impact taxation will have on those deciding to relocate to the U.K., said that: “Expats feel the tone has changed; it’s less welcoming. London’s ability to attract talent has gone down.”
Britain has made itself unpopular with Americans by announcing plans for a 50% tax on all salaries over £150,000. A year ago Britain said that those foreigners who had lived in the U.K. for over 7 years would have to pay a tax of £30,000 per year or lose their immunity from paying U.K. taxes. These factors along with the reduction in benefits by employees for Americans who work in the U.K. have caused many to wonder why they would want to come here in the first place.
Andrew Wesbecher who moved to London from New York in 2006 said: “I’m the last guy to leave that I know. We are all packing up.” His take home pay recently dropped 75% due to reductions in bonuses and expatriate benefits. Sitting under an umbrella as the skies opened in July he said: “This is what passes for summer in London… The quality of life is a lot harder.”
Thanks to www.bloomberg.net for the above quotes, for more information on this article please visit their website.
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