60 Second: London’s Calling

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Morning,

London is one of the greatest cities in the globe. Sure, it may not have as many beaches as I’d I like, but even I couldn’t resist the charm and bright lights when I was younger.

Like today tourists would flock from across the world to see the world famous sights, but back then there was a major difference, it didn’t cost an arm and a leg to have fun.

In those days I could have bought a house after saving for a year on a standard graduate salary. Now, a victim of its own success, London is one of the most expensive places in the world. That’s fine if you’re working as a top lawyer, banker, or have wealthy parents….but young graduates cannot afford to live in London and enjoy themselves.

They’re also completely priced out of many areas like Mayfair and Kensington.

Many young people have left the capital so they can afford a house larger than a box and have the luxury of a garden. Although a major concern it’s not just the property and rent prices, even the cost of living is very expensive. Employers are beginning to recognise this and are moving jobs out of London.

Samsung has decided not to set up its European headquarters in London because the city is “not a fun place to live unless you are really rich”. Instead they’ve set up in the city of Berlin and have taken their $150m (£117m) technology fund with them.

If this continues London could lose vital skilled jobs and the tax receipts that come with them. Ironically, this would actually reduce house prices and cost of living.

As young people have left London, the politicians haven’t really sat up and taken notice. I suspect businesses leaving will cause more of a stir.

Have a good weekend.

Tom


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