International monetary transfers to be hit by emigration trend

Money transfers to and from the UK could increase in certain regions over the years to come, new analysis from The Emigration Group suggests.

According to the organisation, more residents of Birmingham, Belfast, Manchester, Sheffield and Newcastle are planning to permanently move away than those from any other areas, Journal Live reported.

The Emigration Group believes that the recession is playing its part in encouraging Britons to start a new life elsewhere.

British economic output is expected to contract by over four per cent this year and official figures show that the present economic downturn has lasted for six straight quarters, making it the longest recession on record.

By contrast, economic prospects seem brighter in France and Germany, both of which returned to growth in the second quarter of 2009.

The Australian economy has also entirely avoided a technical recession.

Increased emigration rates could also have knock-on effects on the number of people looking to transfer money abroad.

Paul Arthur from The Emigration Group told the newspaper: “We have hundreds of enquiries every month.

"The reasons for this are numerous but certainly economic factors are playing their part."

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By John Mills