Jump to content
  • Guest
    Guest

    Sign in to follow this  

    What makes London a great place to work and live in?

    London is the biggest financial centre globally, making it a city with large number of highly paid jobs. Beyond that, over the last 5 to 10 years, many professionals have moved to London to work in sectors other than Finance. Technology, and certain creative industries such as advertising for instance also attract people from outside of the UK. Regardless of high salaries, London’s quality of life can be tough at times, with a very high cost of living. Many things have drastically improved over the last 15 years – the food for instance – after 9 years living in London, it’s not just the quality of life that’s making me stay.

     

    What makes London so attractive? Speaking for myself, as well as friends, the unique cosmopolitan environment means you work and live with people from all over the world with no or little language barriers. This is made possible by a British welcoming working culture as well as London’s urban ‘festive’ vibe.

     

    According to latest statistics, there are 3.2 million foreign-born population currently working and living in London. This community is characterised by their diversity with professionals from all over Europe – in itself an already culturally rich and diverse continent – the Commonwealth, Asia, South and North America all bring their stone to the edifice. As far as my knowledge goes, this cannot be experienced to that extent anywhere else in the world.

     

    Diversity only works in the right environment. While jobs help a lot but there is more to it than first meets the eye when it comes to London. The first one is obvious, the language. 38% of Europeans speak English as their second language making it relatively easy not to just work but also live normally in the UK for foreigners. By living normally, read not having an isolated expat life. Second is the welcoming and open British working culture which makes it easy for professionals to socialise outside of working hours. Third, the way London is built; each area in London has its own mix of modern and older houses making everyone from diverse social, economic and ethnic backgrounds live together. There is an argument that this aspect contributed massively to the openness of the city. Finally, London’s popular culture which embraces music, fashion, art, street life is second to none.



    Sign in to follow this  

    Share this  

    Member Feedback

    Recommended Comments

    There are no comments to display.


  • Our picks

    • I've been trying to track down details on that statement from the CBI, but I'm not sure they elaborated on what the "unintended consequences" could be - I assume one could be wage inflation due to reduction in the negotiation advantage of the employer.
       
      Whether this is a bad thing is debatable when (by some measures) wage growth has been stagnant in the UK for longer than any time since the Napoleonic wars..
       
      Reality Check: Is pay growth the worst since Napoleon?
      WWW.BBC.CO.UK Reality Check examines the claim that real-wage growth is at its worst since the 18th Century.  
    • How do we solve the the Asset Management industry issues of today and tomorrow?
       
      We think we might just have the answer.
       
      When we created AlgoMe, we set out to empower professionals so they can manage their careers through technology, data and industry insight. With our career management platform, we‘ve delivered this but we know there‘s much more to be done.
       
      The Asset Management industry is in a state of flux. Right now lower fees, higher costs, new technology and increasing regulation, along with changes to the workforce, mean we need access to technology, data and industry insight more than ever before. This is why we‘re taking an exciting step by opening AlgoMe Community, the place that brings the Asset Management industry together to drive open conversation and essential innovation.
       
      AlgoMe Community is a members-only community exclusive to the industry and associated professions.
       
      Membership is free, members are verified and use their own names to create a profile – here are the key benefits:
       
      1. A community for Asset Management
      We have created a standalone space for asset managers meaning discussions and groups are centred around highly relevant areas and get to the heart of issues quickly. We will also be hosting regular events both online and offline to address industry challenges and help our members drive the agenda.
       
      2. Keep your finger on the pulse
      Not sure about Brexit or SMCR? Want to know what the latest research on AI is? The AlgoMe Community gives you direct access to all of these discussions. AlgoMe is working with a number of partner organisations to bring you the latest thought leadership, insights, blog posts and white papers to keep you abreast of the latest trends in Asset Management.
       
      3. Grow Your connections outside of your existing network
      There are a lot of bright minds out there. Over 40,000* people are currently working within the Asset Management industry according to the Investment Association. This number is likely to be 200k+ across Europe with the firms and organisations that make up Asset Management ecosystem. That’s a lot of new connections to make.
       
      4. Grow your personal brand
      Building your personal brand is critical to a successful career. AlgoMe Community gives you a platform to build your credibility and authority among your peers. It’s also easy to start your own blog to get ideas a wider audience and build up a following of other members.
       
      Join AlgoMe Community for free today and connect with the Asset Management industry.
        • Like
      • 0 replies
    • Revolt announced it will be offering ETFs to its customers....
      http://igniteseurope.com/c/2090843/247783/revolut_offering_bound_appeal_investors?referrer_module=emailMorningNews&module_order=3&code=WTI5c2FXNHVibWRBWVd4bmIyMWxMbU52YlN3Z01UQTROemN5TURRc0lERXlNVFV4TkRjMk5EWT0
      • 2 replies
  • Welcome to AlgoMe Community

    Join the community connecting the Investment Management industry and get access to insights, discussions and events.

    Sign up for free today.

  • Categories

  • Similar Content

    • Andy Milner
      By Andy Milner
      According to this year's UBS Global Real Estate Bubble Index, the risk of a bubble in the London housing market has declined for the 2nd year running, due to a cocktail of factors such as inflation, unaffordability and political uncertainty.
       
      Although this is some good news, I fear that it doesn't necessarily correlate with a decreased likely hood of a market crash, which would be the more interesting, although admittedly a lot harder, aspect to measure.
       
      UBS Global Real Estate Bubble Index 2018
      WWW.UBS.COM UBS Global Real Estate Bubble Index 2018 - https://www.ubs.com/global/en/wealth-management/chief-investment-office/our-research/life-goals.html  
    • Guest
      By Guest
      The competition for the top tech spot is fierce in Europe right now. The Parisian start-up scene has been growing drastically in the last few years, but the advantage remains with London which is already celebrating a record year for investment in 2017. There are two reasons for Paris to challenge London’s lead: the winning combination of a successful Fintech universe with highly qualified professionals moving from the City Of London; and the entrepreneurial spirit which makes it a magnet for international talents and investors.
       
      The Paris tech scene has done remarkably well in 2016, almost catching up with London with a record €2.9 billion invested in the French-Tech (+80% yoy) versus €3.5 billion for British start-ups. Government policies and investments in infrastructure paid off: the bureaucracy around setting up companies has been simplified, generous tax breaks on R&D drove down the cost of labour in the tech sector, and the BPI (Banque Publique d’Investissement) a mostly government funded investment fund invested approximately 2 billion in start-ups over the last few years. Last but not least, billionaire Xavier Niels has been an excellent PR for promoting Paris, and he opened the world’s largest incubator: Station F last year. As expected, this significant effort favoured a huge wave of young local entrepreneurs, and 2016 was their coronation year.
       
      The London tech scene, on the other hand, is more mature than Paris as demonstrated by the valuations of successful exits in 2016, £41 billion in the UK versus €3 billion in France. The success of London is built on two pillars: first, the City of London with its technical complexity and its huge international talent pool. The investment and finance industry has been in constant change and restructuring during the past 9 years. This has created opportunities. In 2016, 22% percent of investments in British start-ups were made in the Fintech sector versus 7% in France. This is just the tip of the iceberg as many professionals move on from the financial sectors to tech start-ups operating outside of the Fintech industry. The second pillar is the SEIS program offering huge tax reliefs to angel investors. The second pillar is the SEIS program offering huge tax reliefs to angel investors and hence making it easier to get a first seed in start-ups. As of 2016, the UK had 16,000 registered angel investors versus 8000 in France.
       
      It’s fair to say that the French way is substantially based on government investments, the BPI alone accounts for about 25% of investments in French Start-ups. The British system, as described above relies more on incentivising private investors with significant tax relief; a minimum of 50% of the money invested and when remaining invested for 3 years no capital gain tax. Both amount to the government providing a financial boost but each lead to different outcomes. This is not new, French capitalism has always worked this way, and the government has always seen the return on its investments with a high number top-notch global companies. On the downside, capital gain taxes (among others) are higher in France than anywhere else in Europe, and from a foreign entrepreneur perspective, getting into the public investment programmes requires networking, understanding of the bureaucracy, administration, and local culture even though you can apply in English. In other words, a foreign entrepreneur coming to France meets the inconvenience first and the advantages later. For as long as we live in an open world, I believe these drawbacks will always give London the edge over Paris.
       
      To conclude the Paris vs London debate: the key to success is in international talent. London wins for now.
    • Eva Keogan
      By Eva Keogan
      The question of what Brexit will mean for staffing in the financial services sector is a hard question to answer given so little is known of what Brexit itself really means.  What it does do however is dramatically highlight a much broader industry issue – the shrinking talent pool and growing skills shortage.
       
      So how does the industry intend to approach this issue and along with it, the vast considerations and ramifications of impending Brexit?
       
      First, let’s look at the facts. In its 2017 financial services 20th CEO Survey report PwC warns: “New strategies to find and train people won’t be enough. Organisations will have to collaborate with government, educational and vocational institutes and employees to redesign the entire system within which people work.”
       
      77% of the CEOs surveyed, are worried that skills shortages would impede their companies’ future growth. The skills shortage in asset management could certainly be exacerbated by a Brexit brain drain, but it is not a new problem. Automation may take up some of the slack, but PwC’s research suggests asset management bosses don’t want to replace talent with technology, they want both.
       
      Just 16% of CEOs surveyed said they plan to cut their company’s headcount over the next 12 months, and only a quarter of them said this is because of technology. Conversely, 52% plan to hire more employees, if only they can find them.
       
      In an ideal world, the broader talent pool could easily be recruited from the new generation of workers coming out of colleges and universities or further afield from outside of the UK.  As per PwC’s report, financial services and Asset Management might get involved in government-sponsored apprentice schemes, which are traditionally oriented towards manual or vocational trades. Companies could also widen the search and attract graduates at university ‘milk rounds’, lining up alongside Accenture and Goldman Sachs to woo the brightest young minds.
       
      There is one sticking point. The government’s new apprenticeship levy is not going to bring employer investment in skills up to levels seen before the financial crisis, according to the Institute for Public Policy Research (IPPR) as reported in CityAM. There is still a gap to fill and experienced professionals rather than career starters, are what’s needed.
       
      Turn this situation on its head and there is a massive opportunity for people to fill this skills gap and make not just a sideways move, but an upward one into the Asset Management space. It’s highly plausible that professionals from the shrinking world of banking might be able to develop the new skills necessary to move into Asset Management and bring with them new insight and experience, but only if the industry is open to this.
       
      One way to embrace this opportunity is AlgoMe which provides tools for people to tailor job searches to match specific needs and skill sets to potential employers using algorithms and smart technology. Additionally, it provides the access to mentoring and learning support on the platform too, creating a unique and new way for people to manage their careers now and in the future. This means it will be easier to develop new skills and open up new career opportunities.
       
      And so to Brexit.
       
      Post-Brexit the future may not be all doom and gloom for the Asset Management community in London according to a recent report from Investment Week, but reaching any form of understanding or agreement will take time.
       
      Firms may need to focus more on nurturing home grown talent if Brexit stems the flow of skilled people from the EU. Depending on the post-Brexit model with which we end up, there may well be a talent drain as Asset Managers find it harder to recruit or move skilled people between the UK and the EU. There may be expensive administrative headaches and additional costs for many international businesses whose employees travel frequently for work. The other push factor for EU nationals working in London is they may get the feeling that they’re no longer wanted. Any loss of that perception of diversity in the UK may make people want to move, even though the main financial centres of London and Edinburgh voted ‘remain’.
       
      While Brexit and its associated uncertainties maybe top of mind for the business community, especially in the City, one thing is guaranteed – it’s going to take time to work through the structural changes and their implications. For the skills gap however, time is not standing still.  One thing is clear, big opportunities lie ahead for the individuals who are fleet of foot and constantly evolving their skills and experience to meet market demands.
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.