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Oct 13, 2016

Hungarians living in UK returning home for better job prospects at home

Unemployment levels have been dropping dramatically in Hungary and job prospects are up, compared to unemployment and a falling pound in the UK

Hungarians in the UK are expected to return to Hungary following the fall of the pound and better job prospects in their home country, according to experts.

"It is not good business anymore for Hungarians to get a job in London," economist Gábor Szőcs says in his article for index.hu.

He continues that a few years ago many Hungarians, Poles and Slovaks asked themselves whether it was a better prospect to travel to the UK to secure jobs in London, however, now the economic climate has changed dramatically in recent times, the question now asked is  “Should I stay or should I move back home?“

The British pound has fallen by 22 percent to the Hungarian forint since the beginning of 2016, from 430 to 338 HUF. Many Hungarians living in the UK who transfer money to their families have seen a massive drop in value. Those who have saved in the UK have also lost out.

What's more, Britain's employment landscape is facing difficult times, according to Szőcs, a financial analyst for Concorde, Hungary's largest independent asset manager.

However, what's most encouraging is that unemployment levels have been dropping dramatically on home soil and job prospects are up in Hungary.

Rising wages and lower living costs are fast becoming tempting for Hungarians living abroad to return back home.

There is an important social aspect as well, Szőcs highlights. The general attitude towards foreigners in Britain has worsened due to Brexit, while an advanced English knowledge and valuable foreign experience is a huge advantage on the Hungarian job market.