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Banks Look To Hire Outside Of London As Employers Are Priced Out Of The City

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http://www.independent.co.uk/news/business/news/banks-look-to-hire-outside-of-london-as-employers-are-priced-out-of-the-city-a6768111.html

The number of job opportunities in finance in London has taken a dive as employers are priced out of the City, according to a report.

The number of finance jobs available in London fell 32 per cent between October and November, Morgan McKinley, a financial services firm, said.

There were only 6,405 jobs available in finance in London in November, down from 9,500 in October.

The number of professionals seeking a new position in London also decreased by 27 per cent since October, down to 10,492. The figures represent a yearly 13 per cent decline in jobs.

...

Instead, London prices are turning employers away from the city.

“Employers are going rural which makes sense from a cost and a recruitment point of view. Many employees are being priced out of London and the cost of living and quality of life, particularly for those with children, can be highly attractive outside the square mile,” Enver said.

Bankers pricing themselves out of the City. Irony of the finest order?

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I would be happiest if my investment bank was to move out of the city, in fact I gave this suggestion to senior management,who are pondering over it.

It is also a recruitment issue that the bank is struggling to hire people of calibre on what is effectively the same salary as 2006 but with housing cost 50-100% higher.

I don't mind a 10% pay cut if it helps me save 50% on housing cost and another 50% of commuting costs.

It makes a lot of sense for both the employer and the employee.

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“Employers are going rural which makes sense from a cost and a recruitment point of view.

So "rural" is anywhere outside the "City" of London. Sad for rural though - having to put up with them.

Edited by billybong

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Offices being built apace in Cardiff.

Hoarding outside one nearly completed block right next to the station reads "The closest capital to London".

2 hours away from London by train if you have to go and meet someone there (when the trains work, obviously).

Suggests someone thinks there's going to be movement away from the Great Wen.

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There's the always on/off thing around Reading station.

The rebuild of Reading was massive.

Fast Train Reading to Paddington is ~20 minutes.

With better track and signalling you can ramp up the trains.

Of course there is a problem hat Reading station is in Reading.

Also all commutes to any office around the station would have to be train or bus only.

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There's the always on/off thing around Reading station.

The rebuild of Reading was massive.

Fast Train Reading to Paddington is ~20 minutes.

With better track and signalling you can ramp up the trains.

Of course there is a problem hat Reading station is in Reading.

Also all commutes to any office around the station would have to be train or bus only.

Crossrail services are supposed to be running from Reading by 2019.

How much would you save moving from London to Reading, though, in comparison to the savings from moving to somewhere outside the South-east of England?

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Crossrail services are supposed to be running from Reading by 2019.

How much would you save moving from London to Reading, though, in comparison to the savings from moving to somewhere outside the South-east of England?

The problem with keeping a modern business in London and the SE - and Reading is technically 'South' are:

1) Transport links. Reading is only practical if you live local-ish and commute by train or bus. If you live in London then you've got to train it. Reading and the M4 corridor are a no-go if you need to place a number of people who will travel by car. The roads are way too congested to make any form of car commute sane and/or doable..

2) Infrastructure. Mainly power and comms link.

The power around London and SE is maxed out. Unless you are prepared to pay big bucks you do not want to put a datacentre anywhere within a 100 mile radius of London.

Forget hanging out with the hipsters in Hoxton, electricity is limited.

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Crossrail services are supposed to be running from Reading by 2019.

How much would you save moving from London to Reading, though, in comparison to the savings from moving to somewhere outside the South-east of England?

Crossrail will result in more people commuting from Reading into London.

Providing they can get to the train station in a timely manner.

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They've never moved out of London in large numbers in such a short time frame before. Cover for something else - recession.

Exactly. Who do they think they are kidding! Bankers priced out? They get mates rates on loans anyway!

Something else is going on here.

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If bankers can't afford it any more, who can afford to live in London? MPs are already priced out.

People who get the state to pick up their housing tab.

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This has been long foretold - when prices get too high, businesses and people will find somewhere cheaper.

There's real opportunity for some mainline rail[1] connected city/town to position itself as the London banking overspill. Once a outside London "cluster"[2] builds, it'll be irreversible.

[1] Top rail links essential. Only us rural proles tolerate car dependency.

[2] https://en.wikipedia.org/wiki/Business_cluster

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If other sectors follow suit, it could be a good thing for the country. It's been far too London/SE centric for years - but chiefly since the 70/80s when the industrial regions of the North and Midlands declined together with mining etc elsewhere (eg south Wales).

As long as no bankers move into my area.

Edited by StainlessSteelCat

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Reading's no good. Houses are still way too expensive. Go a bit further and it's Swindon or Chippenham. Swindon already has some financial services (Zurich) and according to some Chippenham is a "hidden gem". Both on the direct line to Paddington.

I worked for several years in Brunel House right beside Cardiff station and people who lived in the valleys got there a lot quicker than me from the other side of Cardiff because of the congestion and lack of parking. Train was a lot quicker.

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So basically London is so expensive that no one can afford to live there (to paraphrase Yogi Berra)

Correct!!! Spoke to a mate who lives in Finsbury Park area the other day --- he was saying how his employers [Architects] were simply unable to recruit - people just CANNOT afford it anymore... Mate was saying you can really see the poorer people have gone --- it's social cleansing out there --- and it's going to hit hard....

He is not happy with it all -- has kids --- they'll be living with him into their 50s...

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Reading's no good. Houses are still way too expensive. Go a bit further and it's Swindon or Chippenham. Swindon already has some financial services (Zurich) and according to some Chippenham is a "hidden gem". Both on the direct line to Paddington.

I worked for several years in Brunel House right beside Cardiff station and people who lived in the valleys got there a lot quicker than me from the other side of Cardiff because of the congestion and lack of parking. Train was a lot quicker.

When I saw you mention Chippenham, I immediately thought commuting from there was absurd. It would be - at best, if you lived close to chippenham train station and worked close to Paddington 3 hours per day, and likely more.

I just read an article that nowadays 880k people in the UK do such a (timewise) commute daily, and *three million* do at least a 2 hour round trip per day.

Unbelievable. I'd expect 200k per year, minimum for that sort of time spent in effect 'at work'. I wouldn't do it though, because what sort out life is it? You'd be paying out a huge chunk of your net in the cost of getting to work alone. And as for your house - you would barely be there for anything but sleeping anyway. This world is f**ked beyond belief if people are accepting this s**t.

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