This.
If you're not FAANG, FTSE 100 or an engineer in the finance sector, your pay is similar to an entry level office IT worker.
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There are plenty of permanent individual contributor jobs in the £70-120k range in London. Not just FAANG/FTSE/finance either, plenty of funded start-ups and non-finance tech companies if you can't stomach finance.
Outside of London, your statement is much closer to the truth. Lots of employers in Manchester for example are there principally to avoid paying London salaries.
Honestly though, the day to day reality of programming in fintech is about the same as working in any other industry.
The cost of living differential is much lower than the salary differential when you move out of London so no real incentive for employees to move.
120k permanent salary is meaningless because you’d fall into the higher tax brackets. Permanent employment tax is insane here.
Pretty much this. Id say half the time in the FTSE100 its the same also