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> The reality for most graduates is even grimmer:

> • £25,000 starting salaries at traditional engineering firms

> • Exodus to consulting or finance just because it's compensated better

This is _exactly_ my career so far.

The key thing about the British economy is that while most things operate in a free market, construction is centrally planned by councillors who are incentivised to block most development. So the whole economy is struggling, but industries that need physical space are especially hard hit. Your local council can't block you from writing more code, but can stop you from building lab space near where people want to live and work.

My first job out of uni was in a wonderful small engineering firm in Cambridge. Lab space there is eye-wateringly expensive because it's illegal to build enough, so we were based in a makeshift lab in an attic next to the sewage works. I loved working there, but it shows that we're restricting our small businesses unnecessarily through our planning system.

The solution is frustratingly simple, but politically suicidal for any government that tried to implement it: just legalise development subject to basic design codes. I hope we see some planning reform before it's too late for our struggling innovation industries.

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I used to live and work in Cambridge. In many ways it's a victim of its own success; people will, not unreasonably, argue that it's a beautiful little town of historic buildings, embedded in a primarily agricultural county of either prime agricultural land or protected wetland. They're not going to let you build Shenzen in Shelford no matter what the economic benefit might be. Meanwhile it's close enough to London that the property prices tick upwards to London commuter weighting.

(This is also why we have expensive electricity, because people oppose building any infrastructure. I'm coming round to the idea that there should just be county-by-county referendums where people have to pick either blanket allowing energy development or having a bill surcharge.)

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> but politically suicidal for any government that tried to implement it

Labour just got into government and literally the third bullet point in their manifesto is:

* Reform our planning rules to build the railways, roads, labs and 1.5 million homes we need and develop a new 10-year infrastructure strategy.

So i would hope it's not political suicide to follow through on that

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This is the true cost of the bank bailouts. This is the moral hazard incarnate.
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