Brexit Drags U.K. Below Turkey and Poland in Expatriate RankingBy
Britain drops to 35th place in HSBC’s annual ranking by expats
Confidence in U.K. political stability, economy ebbs away
The U.K. dropped behind Poland, South Africa and Turkey to 35th in HSBC Holdings Plc’s annual rankings by expatriates as Brexit drained confidence in the country’s political and economic prospects.
The U.K. fell 13 places from 2016 and was the only Group of Seven nation to see its score decline, according to the HSBC Expat Explorer report published on Wednesday. Expat confidence in the British economy and political stability slumped by 20 and 22 percentage points respectively. Singapore topped the ranking for a third year, followed by Norway and New Zealand.
“Few countries have seen the kind of rapid change in expat perceptions that the U.K. has experienced since 2016, probably as a result of the decision to leave the European Union,” according to HSBC. The expat study surveyed more than 27,500 people from 159 countries and territories.
The Brexit vote has left European Union citizens uneasy about their rights and opportunities once the U.K. leaves in 2019. Negotiations about the U.K.’s future trade relationship with the EU have yet to begin, even as the pound has plunged and the country suffered credit rating downgrades. A number of banks are planning to move jobs from London to cities such as Frankfurt, Dublin and Paris.
Still, expats said they enjoyed immersing themselves in British culture and the U.K. ranked third in HSBC’s survey for career progression.
“Many aspects of the expat life in the U.K. -- be it in cities, towns or rural areas -- are still appreciated,” HSBC said.