Oil traders refuse to leave Brussels for London because of low pay

[Jack_green]

Oil traders refuse to leave Brussels for London because of low pay

ExxonMobil said London was a better location for its trading activities

www.telegraph.co.uk

I think this why most are Leaving London or the UK.

Wages are pretty low in the UK, so bad that the skills they requested for the wage is just ridiculous.

‘Scandalous’ poor wage growth sees London workers £50,000 worse off since 2010

Workers in London are a staggering £50,000 worse off since 2010 due to ‘scandalous’ poor wage growth under the current Government, according to new analysis from the Mayor of London, Sadiq Khan.*

www.london.gov.uk

 

[Stumble Bum]

ok?

 

[Narj]

I remember back in the early 2000's I thought 30K was a good wage and I felt pretty loaded.

Sadly in 2024 some UK employers still think that's a good wage.

 

[ShivP]

I remember back in the early 2000's I thought 30K was a good wage and I felt pretty loaded.

Sadly in 2024 some UK employers still think that's a good wage.

Realistically they do it because they can

 

[delta0]

Traders salaries are way higher in London vs Brussels so there’s more to this article than is being given.

 

[dlockers]

I remember back in the early 2000's I thought 30K was a good wage and I felt pretty loaded.

Sadly in 2024 some UK employers still think that's a good wage.

Yeah a lot of the grad schemes my friends joined were ~£30k in the early 2000's, and then in the 2010's, and to do this day have only risen to like ~£33k.

I feel the biggest issue is the old timers are taking a much, much bigger share than before. I fear the next bunch of oldies are going to be even worse because of how much ground they need to recoup to be on par with their previous leaders. Things like AI may make it possible.

 

[Jack_green]

Traders salaries are way higher in London vs Brussels so there’s more to this article than is being given.

Depends who you work for in this area. I know certain companies in this industry that try cut corners with pay.

 

[Jack_green]

I remember back in the early 2000's I thought 30K was a good wage and I felt pretty loaded.

Sadly in 2024 some UK employers still think that's a good wage.

Wages have not kept up, 32k London. When I started it was 27k, 20 years ago.

https://www.cwjobs.co.uk/salary-checker/average-graduate-salary-city-of-london-london

 

[Pipe & Slippers]

Just pulled this out of the second link:

"As a hypothetical example, a London-based teacher who earned £30,000 in 2010 and currently earns £37,000 could be earning £46,000 today if wage growth had followed previous patterns."

Previous patterns? Really? Low inflation, and low interest rates persisted from 2008 to 2022 completely changing the economic landscape. This article is doing a comparison to the period 2000 to 2010

The language used is click-baity - ultimately it's a party political broadcast by the mayor of London, and to be taken with a pinch of salt

 

[Orangeade]

Oil traders refuse to leave Brussels for London because of low pay

ExxonMobil said London was a better location for its trading activities

www.telegraph.co.uk

I think this why most are Leaving London or the UK.

Wages are pretty low in the UK, so bad that the skills they requested for the wage is just ridiculous.

‘Scandalous’ poor wage growth sees London workers £50,000 worse off since 2010

Workers in London are a staggering £50,000 worse off since 2010 due to ‘scandalous’ poor wage growth under the current Government, according to new analysis from the Mayor of London, Sadiq Khan.*

www.london.gov.uk

Lol, which trader worth his salt would rather be in Brussels than London??? (and I dislike the UK a lot!)

Edit: then again I've never worked for such an organisation that had unions. Random.

 

[krooton]

If you were earning £30k in 2000, to keep up with inflation, you'd need to be earning £55k just to be on the same level in terms of spending power.

My entry-level call-center job back in 2004 was £16k, which would need to be £28k now. A quick squizz seems to have similar jobs now around £22k, 20% worse.

 

[Narj]

If you were earning £30k in 2000, to keep up with inflation, you'd need to be earning £55k just to be on the same level in terms of spending power.

My entry-level call-center job back in 2004 was £16k, which would need to be £28k now. A quick squizz seems to have similar jobs now around £22k, 20% worse.

I'm fortunate enough to have progressed well in my career so until now it's not really been a consideration for me. I do however want to wind down in a year or two so that will mean getting a much less demanding job. Making the sums add up is tricky on those kind of wages but I could manage on ~35K if I need to because I have no mortgage.

It's depressing to see how things have stagnated and even gone into reverse - especially for younger, new entrants to the jobs market. I think of the standard of living I had in my early twenties and that seems totally unrealistic these days in the same type of job.

 

[200sols]

You can see on most charts the financial disasters of 2007/8 destroyed the UK. Investment, productivity and ultimately wages cratered after the event and it never recovered.

 

[[FnG]magnolia]

If I were a mod I'd ban the OP and then myself and then the OP again* for good measure.

My word.

* film logic, don't ask questions

 

[jpaul]

Question is - which of rishi/kier has made any proposals to address these inequalities, like his previous thread ?
Awareness of uk position in the world might focus peoples minds for upcoming election to better analyse rishikier manifestos.

 

[BowdonUK]

The low wage economy is leading to all kinds of issues. Usually the Tories don't tax this much. But now they have gone tax crazy, taking money out of the hands of the people.

Labour usually get the blame. But this time Labour are gradually being seen as more fiscally responsible than the Tories.

 

[delta0]

Depends who you work for in this area. I know certain companies in this industry that try cut corners with pay.

For sure that exists everywhere.

The low wage economy is leading to all kinds of issues. Usually the Tories don't tax this much. But now they have gone tax crazy, taking money out of the hands of the people.

Labour usually get the blame. But this time Labour are gradually being seen as more fiscally responsible than the Tories.

They aren’t really responsible for anything yet so that’s to be seen. However I think the assumption is it can’t be worse.

 

[Jack_green]

The low wage economy is leading to all kinds of issues. Usually the Tories don't tax this much. But now they have gone tax crazy, taking money out of the hands of the people.

Labour usually get the blame. But this time Labour are gradually being seen as more fiscally responsible than the Tories.

They don't know how else to slow this train crash.

 

[hurfdurf]

If you aren’t on £50k+ in the uk you are very poor. People making £30k now can’t even rent a house on their own, never mind buy a property. Yet lots of people are still on salaries in the £25k range. The UK and it’s people are pathetic.

 

[StriderX]

If you aren't a billionaire you don't exist.