This really presages trouble with industries being upended on the basis of technological innovations. The light at the end of the tunnel is that long-term, companies that value and can utilise technical talent to innovate rather than sustain will win out and heat up the talent market.
But my real passion is audio and signal processing. I look at job postings around the country for embedded developers and DSP specialists; fields that require much more specialist skills than the CRUD web apps and PDF reports I generally produce for my employers, but those jobs are offering a fifth of my current income! I've seen jobs saying "master's degree in computer science and 5 years of experience required" offering 30k.
We pay our grad students more than that.
Edit: obviously, it's not really a mystery as to why; you get paid money when you work in an industry that has lots of it. But the discrepancy is still shocking.
He makes 3/4 of what the president of my small defense contractor company makes, a guy who has been an RF engineer for 35 years prior to taking on the leadership role.
The two fresh grad EE's we have are both spinning software in their free time to nab software dev jobs over EE jobs, because the pay is often double.
Prices in London are probably similar to those in NY or even Bay Area.