A study by Natwest Bank has found that more workers than ever before are doing jobs in countries other than the UK.
The study found that more than 200,000 brits went to work in other countries, the Natwest Bank data based on 2006 figures, the most recent available. Over 40 percent of these workers were at a managerial or professional level, taking their skills and knowledge to develop businesses abroad.
When asked about the reasons for moving these overseas workers said that they were lured by a better job and better pay. The average salary for these expat workers is GBP67,000, and when combined with a lower cost of living and better living standards generally it is clear to see how attractive such a proposition can be said a Natwest Bank spokesman.
The Abbey National has been speaking to families in the UK and found them cutting their holiday budgets so they can allocate more of their money to day to day living expenses.
Compared with last year the average family spends around GBP175 less than they were doing on a holiday, prompted in no small part by the expectation of fuel and food bills going up by around 60 percent compared with last year. Other areas of family life are also seeing cuts said the Abbey National, including childcare, sports, hobbies and toys.
It is a natural stance to take said the Abbey National, since parents try and manage their finances with common sense, knowing that their family depend on them.
The first half of 2008 has seen Lloyds TSB profits fall 70 percent compared with the same period last year, at GBP599 million.
The biggest cause of the reduced profit figures was a devaluation of the banks assets thanks to the global economic downturn. Taking this factor out of the equation Lloyds TSB has actually performed very well, especially in the retail banking sector. On this basis they actually increased their shareholder dividend, putting it up by 2 percent to 11.4 pence per share.
A Lloyds TSB spokesman, discussing the results, said that the bank was not directly associated with the American sub-prime market that collapsed so spectacularly and so has been quite well sheltered. The actual performance of the bank when their asset devaluations are removed has been an increase in pre tax profit of 11 percent, something that bodes very well for the future.
