A cold wind is blowing for senior bankers in London. It's not just that Citi's cutting jobs. It's not just that bonuses are likely to be down. It's the climate overall. Managing directors, many of whom are on salaries exceeding £300k cannot afford their lifestyles.
School fees are part of the problem. Fortunately, I'm largely done with my own kids, but if the Labour Party adds VAT to school fees after the next election it's going to be problematic for a lot of people. There are a lot of senior City folk with multiple younger kids at school, and the fees have been rising by 8%+ a year for a while. When you add similar inflation for '24 and '25, you get fees of £30-£35k for day students and £60k for boarders. This is before you even consider the VAT. A lot of senior London bankers are going to be struggling to put their children through the private school system!