Abstract
Recently, a major British company with headquarters in London succeeded after much effort in locating a senior and experienced international finance expert to become its new financial director. A good offer was made (£21,500), the pay and conditions looked right, the man wanted the job — but he had to refuse. One more company, and one more capable man, had become victims of a particularly invidious new constraint on effective business management — executive immobility. The cause? The man lived in an area of low price housing in the North of England. Any reasonable salary increase on moving down south would have left him worse off in real terms — simply due to the cost of moving and the increase in his mortgage to meet the London prices.
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