The other day, looking over the collapse of the pound on Yahoo Finance, I wondered if the fact of losing more than 25% of his salary equivalent Euros in 6 months would produce an emigration mass of the French and other foreigners. Until then, working a real job in London for several years conjured up images of a little caricatured unlimited financial success to our fellow based in Paris. The less well informed we all think traders or multimillionaires in the process of becoming better informed know that wages are higher on this side of the channel regardless of the industry, more or less consciously forgetting that the cost of living eats well often the bulk of the surplus on income.
But times change: So far the benefits for years in London were more than clear, at least for juniors Freshly arrived. Labor market generous and open, looking less on diplomas, less demanding on experiences, accustomed to ethnic or other, a fresh breeze in comparison ads in the French style: "Job Offer Product Manager large cosmetics brand 3 year internship required another major cosmetics company, flexibility original training (HEC, ESSEC and ESCP), Russian / Chinese demanded beginners welcome ... many benefits: Canteen and 50% paid travel card.
partygoer and multicultural atmosphere in addition to the labor market were passing the pill Housing Third World and pricey, a bit rotten transport and other joys afforded by the cost of living in London and its depressing winters.
The Black Death is still not back on the island but there is a little change of atmosphere. A sign, recruitment agencies are more discreet, less emails and phone calls to offer unsolicited posts. The boys are taken from the Financial access of modesty, we no longer talk of layoffs or premiums but fears for his job with those who are working in the sector. The latter landed seem to have more difficulty finding "the" same job or a job, period. The more experienced it leave without or with little damage but wonder like everyone else what 2009 will be done.
So, apart from strictly personal circumstances, why stay in London or even why come?
I have no definitive data or expertise on the subject but even if Britain suffers more than France during the crisis (because of its dependence on the financial sector), this may be a little same everywhere in every way, it will be much harder to find a job but still easier than in France or internships and structure of the labor market mean that the junior and inexperienced are heavily penalized job search.
The misfortune of making the happiness of each other, the severe downturn in housing activity is expected to pull down housing prices and rents may be (a significant number of investors putting their rental property until a rise in the market for resale. That said, whether the evolution of housing prices or rents of those, it says everything and its opposite on the subject). The cost of living is also affected "positively", slowing pulling inflation down. For someone already in office and to the extent that it does not drag, it is even more beneficial short term.
Finally, from personal experience, if the labor market and opportunities for advancement and salaries were the main criteria for my installation and the fact that I'm still there three years later, there are some other good things to here. Management at the Anglo-Saxon one likes or not and many things depend on the box for which one works but the working atmosphere in the English still more cool, less formal, less hierarchical than the other side of the Channel. The future does not seem wholly conditioned by your student course and six months that follow. It uses and abuses Medical metaphors in speaking of sclerosis or paralysis of the French labor market or even the French company, I do not share this pessimism, but if there is a difference I noticed between the workplace English and French it is this obsession with French taste and what the rank and honors and benefits that go with it. Paradoxically between a society that wants a little aristocratic and another who wants egalitarian and meritocratic since 1789, is the first that seems better to let a chance for individuals, though very imperfectly. There are many things that I will leave no regrets behind me the day I leave but I will bring back at least that my visit to England.
