Money transfers may help firms

A growing number of firms appear to be considering moving their operations or their employees abroad, due to the current economic climate in the UK.

International money transfers may prove a vital asset to companies looking to support their workers overseas.

A recent poll by PricewaterhouseCoopers revealed that only 20 per cent of directors in the UK believed that the country still offered a competitive environment for business.

However, 63 per cent were confident that they would be able to expand their company within the next month, suggesting that some could be considering moving abroad.

The Institute of Directors has added to the debate concerning the relocation of businesses.

Following the chancellor Alistair Darling's introduction of a 50 per cent tax rate on high earners, the organisation said that some high income individuals "will move to more competitive tax jurisdictions".

Richard Baron, head of taxation at the organisation, commented: "Once we dig deeper, we can see the policy is foolish. It will not help the people one would expect on lower incomes, but will create a further deterrent to new international capital coming to the UK, thereby impoverishing all of us indirectly over time."

Click here to make an International Money transfer

Posted by Chris Smith