Cost of living send Brits abroad for retirement

More people are spending their retirement outside the UK due to the high cost of living and threat of debt, Shelter Offshore has said.

"Fiscal fundamentals" are the main cause of expatriates and retirees choosing to leave the UK, according to the organisation.

This follows claims from the Joseph Rowntree Foundation that retired couples receive around three-quarters of the income deemed to supply and acceptable standard of living from a state pension.

Shelter Offshore`s director Rhiannon Davies said inflation was "spiralling" and everyday costs are beginning to be expensive for people in employment.

"Just imagine how tough things are for pensioners living on a fixed income," she commented.

She added lower costs of living and reduced tax rates for pensioners abroad has seen a "significant rise" in the numbers of people retiring abroad.

Earlier this month the Joseph Rowntree Foundation said a yearly income of at least £13,400 is necessary for an acceptable standard of living in the UK.