The UK is going through a silent brain drain, with young people fleeing the country for better opportunities elsewhere.
Standing in a hoodie in the sweltering heat of Bombay with two suitcases next to me I tried to hail an autorickshaw to transport me to my new home. Despite the unending sounds of horns tooting, a constant barrage of dust and an ever so slight whiff of sewage mixed with the Body Odour of 22 million people, I was convinced that the opportunities presented to me in India far outweighed anything in the UK. And over half of young Britons feel the same way, with 52% having considered leaving the UK for better working opportunities abroad.
Graduating in a post covid society meant me and my cohort were faced with rising house prices, the highest of cost of living ever seen in this country and stagnant wages. Now five years on its only gotten worse. Trust in the UK’s economy is at an all-time low and why wouldn’t it be. In the last 2 decades or so the UK has been hit with consistent setbacks. The sponge base consisting of financial crash of 2008, a sprinkling of Brexit in between and a big red juicy Covid cherry on top. Successive governments post the financial crash appear to have done little to help the situation by adopting crippling austerity measures that show no signs of letting up any time soon.
Young people no longer want to bear the inflated taxes and dying public services, seeing little reward in staying at home. A recent study by job site indeed found that 75% of 18–24 year-olds would move abroad. With many preferring countries such as the US, Australia, Canada and even Portugal or South Africa – or as in my case India. And it’s not hard to see why. The average UK wage as of April 2024 was £37,430 and the average house price is £309,000 or about 8 times a person’s wage. In 1990 the average wage was £15,034 or £29,593 adjusting for inflation and the average house price £57,000 or 2 times wages. The numbers speak for themselves – peoples wages have simply not kept up, and buying a house for me or my peers without the bank of mum and dad is simply not going to happen.
Many people claim that we will bounce back as we always do. That we are a global super power, the 6th largest economy in the world. However what is not mentioned is that London’s economy represents 25% of the UK’s total output, the city provides 6.5 million jobs and contributes £4 of tax for every £10 collected over the UK. We are not a global superpower; we are a failing nation with the 6th largest economy nestled conveniently in its heart. Moreover, London is becoming more and more unaffordable. Zoopla puts the average rent in London at £2124 and the Centre for Cities claims that London’s growth between 2007-2019 was a mere 0.2% when compared to cities such as New York at 1.4%. Meaning it is possible that even London will stagnant sooner rather than later.
Last year over half a million people left the UK, with 10,800 Millionaires fleeing our shores in 2024. One could argue that our world class universities are drawing in enough talent to offset the numbers. Afterall underfunded universities are now being increasingly made up of foreign national students, who can contribute a higher fee, with UK universities enrolling approximately 758,855 international students, 26% of the total student population. However, what is not being discussed is the lack of incentive for such students to stay on in the UK. According to the office of national statistics 80% of international students do not stay beyond 5 years. Not to mention that despite any immigration into the UK with the intake of British students at Russell Group universities falling from 102,000 in 2020 to 86,000 in 2023, many young talented Britons potential future assets, will soon leave our shores searching for better opportunities elsewhere.
Whilst living in India it was evident that young people had a sense of vigour and an innate excitement about what the future held. My colleagues and friends were intent on starting their own business, killing it at work for potential promotions and salary increases as well as focusing on personal goals such as buying a house or getting married. Life felt like it was happening.
Things were moving forward, the future and adulthood was something to be excited about. And there is good reason for this. Young entrepreneurs are at the forefront of India’s advancement. Founders of new multi-million tech companies such as Flipkart, Ola, and Swiggy are driving an atmosphere of innovation, encouraging many youngsters to start business of their own. The new 2024 budget announces a fund for start-ups and slashes income tax for the middle class. Leaving more money in the hands of the middle class, boosting consumption and investment, whilst motivating young people to innovate.
Whereas here, Starmer announces “tough decisions” including a hike in national insurance, capital gains tax and cuts of £3.2 billion across public spending departments. But you see, I am 23 years old and the first Prime Minister I remember being elected was David Cameron in 2010 – and as far as I can recall he did much of the same. My generation has never known a Britian that was not subject to public spending cuts, rising taxes and dwindling public services. Our faith in our economy and government is practically non-existent and anyone who can is running for the hills and kissing Great Britain a Great Goodbye.