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


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

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

From the east, cemetery junction to Reading station is a no go area at peak times. Both caversham bridges are equally busy. A33 is also very busy. Getting to Reading station at peak times is a major operation. Even then HPI is rampant because of cross rail. At least EAs have brainwashed locals to believe their property is going to be as expensive as London suburbs once cross rail is functional.

The crappy area, Newton Town, starter homes are selling close to £300K. people constantly outbidding each other and offering over asking prices. i think those who cannot afford int he Western Suburbs: hounslow, harrow, ealing are moving to Reading.

Edited by Fairyland
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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

I'd agree with the other poster. Birmingham and the west Midlands in general.

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Went to my old hunting ground today.....how run down and depressing it looked, definitely could see signs of growing inequality...... one business that hass been trading since the 70s had closing down pasted to the window....lease expired and will not be renewing.....no doubt will become another chicken shop.....but all these fast food places are not the in thing to be eating, greasy fattening food not in vouge...how they can pay the rents and rates will never know. I know not the right time of year but from the half a dozen estate agents two who I know have been there at least 35 years, every one empty, had a little chat with one.....something is going on....

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Years ago say 30 to 35 years ago....big companies including Banks and Hospitals were very short of staff.....the big banks built and provided living accommodation in central London and brought in young school and college leavers from all over the country...big hospitals always provided nursing accommodation.......If they are desperate for the staff, provide staff housing...not difficult.

Edited by winkie
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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.

+1

Totally agree, we live in a society where earning as much as possible & being "successful" through conspicuous consumption is valued above all else in many quarters & too many people appear to be buying into that notion without stopping to consider whether its really a good idea or not.

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From the east, cemetery junction to Reading station is a no go area at peak times. Both caversham bridges are equally busy. A33 is also very busy. Getting to Reading station at peak times is a major operation. Even then HPI is rampant because of cross rail. At least EAs have brainwashed locals to believe their property is going to be as expensive as London suburbs once cross rail is functional.

The crappy area, Newton Town, starter homes are selling close to £300K. people constantly outbidding each other and offering over asking prices. i think those who cannot afford int he Western Suburbs: hounslow, harrow, ealing are moving to Reading.

I used to live in Reading.

I have one fried left living there.

His commute, which took ~30 minutes (to a Bracknell industrial estate) 15 odd years ago.

It now takes over an hour.

The M4 is just getting worse + wrose wuality of life

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As people have already mentioned: it's already been happening for a few years in order to cut costs - Deutsche/HSBC in Birmingham (I used to live near their offices in Brum when I first left uni and worked up there, very s*****y and noteworthy one can afford to live near the office in Brum as a graduate!), JP Morgan in in Bournmouth, Bank of New York in Manchester, the list goes on. The Yanks have been doing it for a while too with New York - Goldman Sachs has a huge office in Salt Lake City (Not sure if you ever see rowdy Equity Salesmen taking Mormon folk out on boozy nights but stranger things have happened!). It's not just 'back office' (non-revenue generating) functions they're moving either: Deutsche's Brum office has a trading floor.

I work at a electronic trading brokerage in the City now but have worked for a major Investment Bank on Canary Wharf before and can tell you that these guys are making less and less money every year and are desperate to cut costs so they're all looking at things like this and to be honest. like most here I say good on them! I'd much rather take a 10% cut as someone here said and save %50 on housing: I'm only 27 years old and most analysts/associates (junior guys like me) I know in banking (yes, shock horror, even the traders!) can't afford the prices, we'd all be better off. Our Hedge Fund clients in Mayfair who earn 6 or 7 times what we do ... that's a different story :P

The problem (assuming you view it as such) for UK plc with banks moving somewhere else is that 'somewhere else' could be Paris or Frankfurt or most any other European city. You see, it works like this: when I come in at 6:45am someone in Hong Kong/Tokyo transfers the 'global line' and the 'risk on the book' to me, and at around 4 I transfer these to my colleague in New York, so all you really need is somewhere in Europe from which you can 'follow the sun'.

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I used to live in Reading.

I have one fried left living there.

His commute, which took ~30 minutes (to a Bracknell industrial estate) 15 odd years ago.

It now takes over an hour.

The M4 is just getting worse + wrose wuality of life

Same for the M6. I live in Birmingham and work in Coventry. The journey used to take 40 minutes (which was pushing my patience, even back then in 2003) but now the min, average and max journey times have all increased, and the standard deviation has increased (making it a daily random nightmare), and the trend of the standard deviation is UP as well.

For a separate reason I keep a log of journey times to work, so I actually have proof that it's not just my imagination, this frog can measure himself being boiled. :(

Gunter-Journeys-Length201512.PNG

post-25883-0-01713700-1449935719_thumb.png

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Eyeballing that graph, it appears that while the average time is increasing, the variability is decreasing. ie the difference between longest and shortest journey times is reducing.

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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.

There are some top towns and cities in UK for both living and for working.....to be honest it is far less stressful and faster driving to a station a few miles away than driving four miles in a non car friendly built up city with little, no or expensive parking...train fares are uneconomical that is why many who would use them more, avoid at all costs, thus avoiding going/working in certain places. Edited by winkie
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Same for the M6. I live in Birmingham and work in Coventry. The journey used to take 40 minutes (which was pushing my patience, even back then in 2003) but now the min, average and max journey times have all increased, and the standard deviation has increased (making it a daily random nightmare), and the trend of the standard deviation is UP as well.

For a separate reason I keep a log of journey times to work, so I actually have proof that it's not just my imagination, this frog can measure himself being boiled. :(

attachicon.gifGunter-Journeys-Length201512.PNG

I often make the same journey. Be nice to see a similar chart for the M6 toll. AFAIK there's less traffic on it now than when it opened a decade ago. <_<

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  • 3 weeks later...

IMO its only a matter of time until the M6 Toll is nationalised, Its ridiculous that it is sat there pretty much empty most of the time when the M6 is gridlocked.

The rent is too high, so you suffer the alternative until you give up altogether.....

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Eyeballing that graph, it appears that while the average time is increasing, the variability is decreasing. ie the difference between longest and shortest journey times is reducing.

The longest and shortest largely irrelevant in the grand scheme of things are they are both extreme values. 2 wildly out of whack data points out of 260 journeys each year.

What's more important is the standard deviation, which is increasing.

ref: http://www.mathsisfun.com/data/standard-deviation.html and see also "Why square?" :)

Edited by mrtickle
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IMO its only a matter of time until the M6 Toll is nationalised, Its ridiculous that it is sat there pretty much empty most of the time when the M6 is gridlocked.

But that's its purpose and what they are selling - a congestion-free road. If they set the wrong prices such that too many people use it, its USP and business plan is toast. The installation of Active Traffic Management along the entire stretch of M6 that the M6 Toll bypasses has mitigated the worsening traffic along that stretch. ie it's not flowing more freely than when they started the roadworks years ago, but it's flowing way more freely than had they not installed ATM. This also damages the business case for the M6 Toll.

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