# Why young professionals are leaving the UK

- **Episode:** [154](https://agents.truthliesandwork.com/episodes/154.md) (2024-12-17)
- **Type:** news-roundup
- **Tags:** young-professionals, uk, talent-retention
- **Time:** 11:44–19:00 (start 704s)
- **Listen:** [https://truthliesandwork.com/154?t=704](https://truthliesandwork.com/154?t=704)

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[11:44] Leanne Elliott: Yes, and it's another one that's right up your street, Al. I think you'll like this one. So according to an article in The Telegraph, there is a growing trend of young professionals leaving Britain for sunnier shores
[11:57] Al Elliott: Uh-huh
[11:57] Leanne Elliott: Can't imagine who might do things like that
[11:59] Al Elliott: Ridiculous. Yeah
[12:01] Leanne Elliott: Um, so Vlad Yatsenko, the billionaire co-founder of Revolut, thinks it's a wake-up call for the UK. Okay, so speaking about the exodus of talent, he pointed out that remote working has enabled workers to move abroad in search of better weather, lower taxes, and a more attractive lifestyle. So countries like Portugal and Italy, he noted, are rolling out the red carpet with tax breaks for the under-35s and incentives for foreign talent, making them prime destinations for career-minded young people. He says before ambitious young professionals came to London to build their careers, but now the UK is competing with Southern Europe. The numbers also seem to back this up. Lisbon is emerging as a major startup hub, and Italy is having a strong year in tech funding, with early-stage investments reaching $2 billion so far. This shift is, is significant, it seems. For decades, London has been a magnet for talent, particularly in finance and tech. But as other countries create environments that blend professional opportunities with professional perks, the UK's edge is being challenged. So Yatsenko believes the government must act decisively to prevent this talent drain by improving financial incentives and fostering a more appealing lifestyle for young professionals. Um, interestingly, despite these concerns, he also still sees the UK as a solid place to a fintech business. Um, Revolut, which he co-founded in 2015, remains headquartered in Canary Wharf and employs more than 10,000 people globally. The company has though embraced remote and hybrid working models, and leveraging transparency and performance, they track, um, productivity and maintain that performance. He views remote work as a standout perk. While many leaders are pushing for for employees to return to the office, he believes that Revolut's approach focused on clear accountability makes location irrelevant. And that is good for business as well, it seems. The company recently secured a UK banking license, allowing it to expand into regulated products like digital mortgages, and has more than 50 million customers worldwide and counting. So the question from this article is, will the UK remain a hub for innovation Or will it lose its competitive edge to Southern Europe if it doesn't adapt? Our thoughts
[14:23] Al Elliott: Firstly, what a surprise that a UK-based company who's just got a UK banking licence, who is lending to UK companies, thinks that the UK is a good place to work. It has confused me why he's even said this in the first place, because unless he's just trying to get in the news so that he can actually talk about Revolut and And the UK, we are quite bearish on the UK, unfortunately. I mean, let's let's not go down that route because most regular listeners will know we left the UK about 2013, lived in Europe ever since, and this is probably where they will bury me because I'm not sure I necessarily want to go back to the UK. I feel that politically it's all a bit weird. I think the new government is just doesn't seem to be helping. If you if you want to see some some radical views, then go on to. Twitter and follow Daniel Priestley. Um, he's very, very vocal about, about why this current administration is getting it wrong. But on a kind of a more sort of like localized level, if you can pardon the pun, um, there are so many other great places in the world, but even in Europe, uh, for you to build a business. Uh, as you said, you mentioned Portugal already, Italy. Um, Serbia is a fantastic tech hub. Um, and also like a 10th to a, a 5% of the prices in the UK where we live, uh, in Herzegovina, in Bosnia and Herzegovina. Beautiful place to live. We get 300 days of sun, very, very low tax rates, but also just a beautiful country to be, to drive around and be in. And so I wish I could be a little bit more bullish on, on the UK, but I'm not. I think, I think it's a smart move for people who can leave the UK to start their own business to do so
[15:56] Leanne Elliott: Yeah. And I think the thing is, you know, people, this kind of Mobility isn't new. People have done it for decades. My parents lived and worked in Saudi Arabia in the '70s and '80s, so I don't think this is a new thing. But what technology has allowed us to do, and it is a very, very privileged position, and we're very aware of our very privileged position, is that we can work within the UK but not have to physically be there. I read think speak more UK now, I think, than I— than when I lived there, because it's almost that distance that makes you want to engage much more in what's actually going on rather than being ingrained so much in it that almost you want to shut it off. Um, and if you can earn Western money and live somewhere else, um, you do get to have a really nice lifestyle. Um, so it is very privileged, but I think actually if organizations think outside the box And if there's something that their employees want to experience, you don't have to make it an all-year-round thing, but you could do a month. For example, MAP, who was on the, uh, on the show not so long ago, and Paul Barnes and Amanda, um, they actually have a, um, a structure in place where for a month, one of their employees can go to the Philippines where they have an outsourced team and spend some time there and also use half their time to travel. So there's lots of innovative things we can do with this newfound flexibility if we're open-minded enough and trust our employees enough to do it
[17:23] Al Elliott: Yeah, and you say privilege, and I think going back pre-Brexit, we were very privileged as, as, as, uh, Brits because we could go and spend as long as we wanted in Europe, and Leanne and I did. But since Brexit, there's something called Schengen, which still surprises me people don't know about it. But then I go, well, actually, of course I know about it because we had to abide by it. Essentially, you're only allowed 3 months in Europe, then you have to disappear. We're the Schengen zone for being tech But 3 months in Schengen zone, then you have to disappear somewhere else, then you can go back for another 3 months, etc., etc., etc. That's actually a really good way to do things. If you do want a little break in Europe, then potentially you can say to your, say to your staff, okay, well, you can have 3 months in Europe because that's all they can have anyway. And the other thing is, I, I keep harping back to this, but for me, it's all about is the outcome, the work outcome. Is the work getting done to a good standard? Yes. Does it matter where they live? No. From my point of view, no. We've used contractors all around the world, and we've had just as many rubbish people around the world as we have in the UK when we've employed them. So no, I think it is, and also just as many good people. I just want to be clear on that. So no, I'm very, very— I think this is a great idea. And the last thing I'm going to say on this, because I feel like I'm on a soapbox, is that if you are under the age of 35 and you get the opportunity to live somewhere for an extended period of time that is different to your home country, things will change massively. There's— I've always talked about this— in Spain, most of the kids live with their parents and also drive old cars. And one of the main reasons for that is that the number plate in Spain, you can't tell how old, how new a car is. Whereas in the UK, every single number plate tells you the date or how new that car is. So there's always that pressure to go and buy a new car. Anyway, soapbox. Sorry, I'm off. I'm off. I'm off