[user5994461]

The exchange rate.

London was relatively competitive when the exchange rate was above $1.5 for a pound. Note that it was approaching $2 for most of the 2000s until the financial crisis.

You could make bank easily in London as a contractor (very low taxes), maybe more than in the Silicon Valley.

Then over the last decade the exchange rate plumetted and the cost of rent/home doubled, while salaries and daily rates didn't move. Why they didn't move? There's too much talent and not a lot of companies with big pockets.

Most of the FAANG and assimilated that drove up salaries in the valley have no presence in London.

[yaseer]

Agree with this.

Back in ~2007 when the exchange rate was ~$2 London salaries seemed competitive. I remember travelling to the US and everything seemed cheap.

In a post-Brexit ~$1.3 exchange rate, travelling to NY was painful.

[elemeno]

Other than Netflix (that I know of) all the other FAANGs have big offices in London. Between them and the financial sector, there’s a fair number of very well paid tech jobs in London.

[akadruid1]

Netflix is in London too and expanding

https://www.bloomberg.com/news/articles/2020-10-07/netflix-t...

[johnday]

It's current $1.37, which isn't too bad. Depending on how the next couple of years go, it may go either way. Sadly (for me), I think it's going to head towards $1 rather than $2.