Moving to London but salaries??

[Anonymous]

I lived in London years ago but my experience was that things cost in pounds pretty much what I expected them to cost in dollars. There were exceptions of course where things are subsidized by the govt— including healthcare and theater— but I didn’t find it less expensive generally.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Adult DS lives in London now, coming from DC and is shocked how cheap almost everything is. Notable exceptions are gas and heat.

But day to day things like groceries, clothing, toiletries, tickets to plays/concerts, alcohol, etc are much less. Medical care is essentially free. Rent is par for a like-kind neighborhood (though the flat itself isn’t as luxury, like PP said)

Uber is cheaper- I assume coming from NYC You wouldn’t try owning a car anyway.

The tax situation can be complicated, depending on whether you are an expert or a UK passport holder I am told that citizens of the UK pay a whole lot more in taxes than someone like my DS

Does your kid understand the conversion rate? GBP is stronger than USD ($1.25 usd equals 1 GBP). So it might seem cheaper but it really isn’t.

London is very expensive. Always has been.

When I travel there for business and stay in the business district (away from the tourist areas where everything is marked up), prices are typical city prices (like nyc)—which is still quite costly.

Idiotic post of the week.

I agree that it's very, very surprising the son finds it less expensive day-to-day

[Anonymous]

I spend half my time in London and half in DC. There is no question that the standard of living is much higher here. That said, some things are significantly cheaper in London. Proximity alone means you can have amazing minibreaks and holidays in Europe for much less. Groceries are significantly cheaper. You can get a decent bottle of wine for much less. Eating out is generally much better value, and much higher quality. Healthcare is usually free. Broadband is much cheaper. If you are poor, many things, including housing, are subsidized. Other things - notably heat and energy-are more expensive. For people who didn’t manage to get on the property ladder decades ago, housing is very expensive compared to wages.

In financial terms, it can be tough compared to here unless you’re earning big $$ in the city or in tech. But you do get to live in the greatest city in the world.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do the math before you jump ship. And definitely compare apples to apples. ICYMI: everything you google about cost of living or groceries in London vs NYC neglects to do the conversion. When you do the math, you’ll see the groceries are actually about the same—but your salary will be a heckuva lot less.

Presumably the op isn’t planning to live in London forever, so things like healthcare and saving for college aren’t as relevant. (Although how easy will it be to save for college and retirement on a lower salary in the UK if you ultimately plan to come back to the US?).

Would very much like to see an example of this claim. If I Google "cost of living London" it gives me information in GBP and USD at the first link, with the conversion noted.

https://www.numbeo.com/cost-of-living/in/London

the point is that the cost is the same but the power to purchase given lower salaraies it not

[Anonymous]

Anonymous wrote:

Anonymous wrote:Adult DS lives in London now, coming from DC and is shocked how cheap almost everything is. Notable exceptions are gas and heat.

But day to day things like groceries, clothing, toiletries, tickets to plays/concerts, alcohol, etc are much less. Medical care is essentially free. Rent is par for a like-kind neighborhood (though the flat itself isn’t as luxury, like PP said)

Uber is cheaper- I assume coming from NYC You wouldn’t try owning a car anyway.

The tax situation can be complicated, depending on whether you are an expert or a UK passport holder I am told that citizens of the UK pay a whole lot more in taxes than someone like my DS

Does your kid understand the conversion rate? GBP is stronger than USD ($1.25 usd equals 1 GBP). So it might seem cheaper but it really isn’t.

London is very expensive. Always has been.

When I travel there for business and stay in the business district (away from the tourist areas where everything is marked up), prices are typical city prices (like nyc)—which is still quite costly.

London is outrageously expensive and they have housing shortages like us. I think you're kid is wrong. When I was there every single thing seemed much more expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do the math before you jump ship. And definitely compare apples to apples. ICYMI: everything you google about cost of living or groceries in London vs NYC neglects to do the conversion. When you do the math, you’ll see the groceries are actually about the same—but your salary will be a heckuva lot less.

Presumably the op isn’t planning to live in London forever, so things like healthcare and saving for college aren’t as relevant. (Although how easy will it be to save for college and retirement on a lower salary in the UK if you ultimately plan to come back to the US?).

Would very much like to see an example of this claim. If I Google "cost of living London" it gives me information in GBP and USD at the first link, with the conversion noted.

https://www.numbeo.com/cost-of-living/in/London

the point is that the cost is the same but the power to purchase given lower salaraies it not

Okay but what does that have to do with converting between currencies?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do the math before you jump ship. And definitely compare apples to apples. ICYMI: everything you google about cost of living or groceries in London vs NYC neglects to do the conversion. When you do the math, you’ll see the groceries are actually about the same—but your salary will be a heckuva lot less.

Presumably the op isn’t planning to live in London forever, so things like healthcare and saving for college aren’t as relevant. (Although how easy will it be to save for college and retirement on a lower salary in the UK if you ultimately plan to come back to the US?).

Would very much like to see an example of this claim. If I Google "cost of living London" it gives me information in GBP and USD at the first link, with the conversion noted.

https://www.numbeo.com/cost-of-living/in/London

the point is that the cost is the same but the power to purchase given lower salaraies it not

Okay but what does that have to do with converting between currencies?

i am trying to clarify on that person's account that it doesn't.

[Anonymous]

I love visiting the UK, but I never could afford to live there. Salaries generally are lower. Tax rates are higher. It is so much more expensive across the board -- except that NHS health care is free (but many needed procedures have multi-month queues in the NHS).

[Anonymous]

OP here.

My main question is why does London have such lower salaries than NYC despite being equal in opportunities and supposed wealth ?

The same role at a Deloitte or Goldman Sachs in London office is getting paid comparably less than the NYC equivalent.

[Anonymous]

Anonymous wrote:OP here.

My main question is why does London have such lower salaries than NYC despite being equal in opportunities and supposed wealth ?

The same role at a Deloitte or Goldman Sachs in London office is getting paid comparably less than the NYC equivalent.

Because people in the US need to save for college, healthcare

[Anonymous]

Anonymous wrote:OP here.

My main question is why does London have such lower salaries than NYC despite being equal in opportunities and supposed wealth ?

The same role at a Deloitte or Goldman Sachs in London office is getting paid comparably less than the NYC equivalent.

It’s the same at my company—the equivalent job in London has a very low salary. I think it’s because they can get someone for that. The market wage is low and the average standard of living is lower. Houses are small, old, and poorly heated. People are used to more austerity.

We have friends in big pharma who transferred to London and they were living in a non-fancy suburb, in a tiny house, lots of difficulties. They still liked it, fwiw.

[Anonymous]

The only way to do London is via an expat package where your salary is grandfathered and you additionally receive a cost of living adjustment. Moving there on a local package and being paid local labor market wages is a dumb move. UK pays about 2/3 of the wage for a similar role in USA, it’s just how it is there. Healthcare is free. But specialists are difficult to find and poorly trained. Train system is built out but strikes that shut down the metro are common. Housing is just as expensive and the homes are smaller. Cars cost the same. Nearly all cars are diesel and it’s expensive. You’ll never ski again unless you can afford trips to the alps. Groceries cost the same once you factor in foreign currency xchange. You will never have a good steak, Mexican food or hamburger again. If you’re serious about moving prepare yourself and do the research. Most US immigrants to London give up US Citizenship in their 5th year or so - meaning you give up your US passport and the protections of US Embassies

[Anonymous]

Anonymous wrote:The only way to do London is via an expat package where your salary is grandfathered and you additionally receive a cost of living adjustment. Moving there on a local package and being paid local labor market wages is a dumb move. UK pays about 2/3 of the wage for a similar role in USA, it’s just how it is there. Healthcare is free. But specialists are difficult to find and poorly trained. Train system is built out but strikes that shut down the metro are common. Housing is just as expensive and the homes are smaller. Cars cost the same. Nearly all cars are diesel and it’s expensive. You’ll never ski again unless you can afford trips to the alps. Groceries cost the same once you factor in foreign currency xchange. You will never have a good steak, Mexican food or hamburger again. If you’re serious about moving prepare yourself and do the research. Most US immigrants to London give up US Citizenship in their 5th year or so - meaning you give up your US passport and the protections of US Embassies

Okay. Your last line shows that you are speaking absolute rubbish.

[Anonymous]

Anonymous wrote:OP here.

My main question is why does London have such lower salaries than NYC despite being equal in opportunities and supposed wealth ?

The same role at a Deloitte or Goldman Sachs in London office is getting paid comparably less than the NYC equivalent.

Part of it is that they don't need to earn as much because education and health care is cheaper.

An American attorney practicing in London could very well have several hundred thousand dollars in student loan debt. The Brits will have somewhere between zero and five figures. Brits don't have to save as much for health care, retirement, education, because the government subsidizes those more.

[Anonymous]

There is a cap on UK college tuition and nearly all colleges there are public. There are extra costs for room and board for a student, of course.

The UK tuition cap is well below what VT, UVA, or UMD charge as tuition for in-state students.

NHS health care is approximately free, including medicine, but there are long queues (many months) to see a specialist or have a necessary procedure performed.