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Londoners in Consulting

Living in London vs New York. Wich one is more expensive for a couple looking to raise a family? Salaries are higher in the US but I feel that expenses are much lower in London. Thoughts?

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Salaries are VERY low in London relative to cost of living. Do you know what your potential salary in London is? Almost everyone I know that moved to London from the US took a significant pay cut, myself included. That being said I LOVE London. London has a lot of the perks of DC will still being a major cultural and financial centre like NYC. Living here with a family is great. Healthcare is FREE, and often supplemented by private insurance. Giving birth is FREE. I'm still on my year long maternity leave (month 10). Most museums are FREE so lots of activities to take kids to. You can take children to the London Symphony Orchestra for a £5 ticket (even if you are next to them paying £100+). Beautiful parks and tons of green space. Housing is plentiful because that's what you get when you don't live on an island or peninsula. Our public transportation may not be 24/7 but it's clean and the staff are super nice. Our West End tickets are actually reasonable compared to NYC (I saw Hamilton for £50, very decent seats). I get 30 days of holiday (PTO) every year and am actually expected and encouraged to take all of it (the minimum is 25), so you can actually see your family. Europe is at our doorstep so you're only a short flight or train ride away from incredible destinations. School wise it depends where you live. Our schools are okay but my husband and I take in a so so amount, we don't live in as posh of an area as other consulting families might. Pace of life is slower than NYC but not that much slower (faster than where I lived previously in SF). Weather is not as rainy as Seattle but true summer days are hard to come by, usually only 2 weeks of so a year. Happy to answer any other questions you might have!

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Sorry VP1 my answer wasn't very clear. As US citizens we are subject to double taxation. UK taxes are taken from my paycheck. I often pay minimal US tax (have to file every year) but it varies state by state, how long you spend in the US, if you own property, etc.

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One thing to bear in mind is childcare is very expensive. Full time nursery requires around £40k in pretax income. Full time nanny requires around £40k post tax income.

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None for mortgages and the like which I understand have substantial benefits in the US.

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You’ve nailed it.

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What about tax deductions? Are they generous? Saw that a 100k annual income effective tax rates are 33% without deductions

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You actually pay your taxes here. Having said that, you can still qualify for child tax credit back in US.

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