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> Not at all! Well give them a reason to overcome that inertia (like Brexit and its regulatory mismatches) and they flee. New Financial's estimate is 10% of th

> Not at all! Well give them a reason to overcome that inertia (like Brexit and its regulatory mismatches) and they flee. New Financial's estimate is 10% of the sector has gone, mostly to Dublin, Frankfurt and Paris. And there's definitely a cost-driven pull towards the north of the UK too. Insurance more than banking has diversified. But that's slightly beside the point that, these are rich companies, and a few rich people. London is not Monaco, Geneva. Just 2% of London's population are liquid-millionaires (vs 35%, 15%). Other UK cities can probably beat it millionaires per capita if that's what's important. As soon as you look at median salaries, London does attract a premium, but £5k does not offset the insane costs.

dxbydt 2y ago
The goal of finance jobs is that if you are any good, you won’t stagnate at that median salary for long. You make do with the 5k for a decade, pay your dues, then work your way upto the 7 figure club. Atleast that’s what my predecessors did. Don’t know what the scene is like nowadays. Am not sure what it is you are proposing. London getting rid of finance is a quick shortcut to the poorhouse. At that point, you become a giant museum like the rest of europe. Wait for the cruise ships to offload 1000s of visitors to those castles everyday, then squirt them with water pistols because there are too many tourists. Finance is the only thing holding that place up.