'Majority fear UK brain drain'

Europe is proving increasingly attractive to investors wishing to transfer money to overseas assets, according to industry experts.

Financial advisor Forum Wealth has stated that countries on the continent are drawing UK emigrants due to lower taxation rates.

The comments follow a survey by accountant company MacIntyre Hudson that revealed 89 per cent of people believe taxes in the UK are pushing investors to transfer money to their assets abroad.

Ian Wilson, director of the financial advisor, criticised the government for the potential brain drain.

He said: "You only have to look at Spain, where their expat proposition just makes it so much more attractive to work there.

"Businesses want to work in the UK but again and again and again the UK government puts as much burden on them as it can and it is slowly pushing them away."

Further figures from the accountant's poll reveal 72 per cent of respondents believe the UK's tax rates make Britain less competitive in commercial markets.

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By Linsey Summers