UK faces brain drain as jobs dry up

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SummaryAn economy full of woe is leading to a phenomenon that marked the emerging markets.

Asia is the fastest growing location for new graduates, jumping by 51 percent over the period. Australasia, a long-time favourite for Britons because of the ease of getting a working-visa, was up by 49 percent.

While the global slowdown has driven up youth unemployment in the EU, with rates in Spain and Greece over 40 percent according to OECD data, countries such as Australia, India and China have maintained more a resilient job market.

SKILLS SHORTAGE

The recent rise of British professionals moving abroad has alarmed the Home Office. It said the exodus may have implications for the availability of skills in the UK in a separate research report published last week.

The vast majority of people leaving the UK did so to take up a new job or look for one, with 89 percent of emigrants from 2008 to 2010 being of working age.

Last year, 72 percent of emigrants from the UK, who provided a reason, moved for work-related reasons, the report said.

Looking around at the London pool of young graduates and the labour market around that, I realised that moving abroad was going to be an absolute necessity, Isabel Crabtree-Condor said by phone from Uganda, where she is a development consultant.

Crabtree-Condor, 26, graduated in 2009 with a masters in political economy from SOAS university in London and was working two jobs before choosing to move abroad.

The last job she was shortlisted for in the UK had over 600 applicants, she said. From her class of about 100 students only five or six had managed to find work in Britain.

I've benefited hugely (from the move), she said.

Projects Abroad, a company that offers placements in a variety of different work overseas, has felt the impact of this increase in graduates moving abroad.

Traditionally more oriented towards charity work, the company has seen vocational internships rise to 30 percent of overall sales, from 7 percent, in the past five years. China is the most popular destination for these business placements.

Quite often a big part of the trip is to say, when I come back is there going to be an extra bit on my CV, to say well yeah this guy's worth employing, said Ian Birbeck who runs the company's press department.

Research by Warwick University into graduates in the UK published last Wednesday, reinforced the sense of gloom, reporting that one in 10 recent graduates have experienced significant spells of unemployment.

The report said 40

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