The irony of the government’s jobs initiative released on Tuesday won’t have escaped many in the financial sector – talk about job creation while simultaneously boasting about radically downsizing the domestic banks. Still, one upside of the proposals means that it’s going to be cheaper for those wishing to commute to a job in London.

One of the actions in the jobs initiative is to reduce the air travel tax (the amount it charges airlines per passenger) to zero this year, with the proviso that the airlines will offer incentives to encourage more passengers on flights to Ireland.

This will cost the government €15m this year, €90m next and €105m from then on, but it hopes that cheaper airline tickets will attract more tourists. However, it will also have the knock-on effect of making it decidedly less expensive for those wishing to work in London, but commute back to Ireland.

The commuting route is one that increasing numbers of Irish financial services professionals are taking. Rental prices in Dublin have slipped, while house sales have slumped, meaning that it’s become prohibitively expensive to free yourself of your current property. And many people don’t want to uproot their family for the sake of their career.

“Experienced corporate bankers and capital markets professionals are looking for new opportunities in the City, but for monetary and family reasons are reluctant to make a wholesale move,” says Eoin Blake, director of Lincoln Search & Selection. “Many are flying out to London on Sunday night and coming back to Dublin on Friday evening.”

If it’s cheaper to commute, those in less high-paying roles may decide to commute, rather than emigrate, particularly as they’re likely to earn more in London.

For instance, accountants who qualified in the Big Four firms in April are beginning to look for more lucrative roles in investment banks in the UK.

“An increased number of these individuals are considering opportunities in the UK or further afield, where there is greater demand for skilled accountants and interesting opportunities particularly in the financial services sector,” said Karen O’Flaherty, chief operations officer at Premier Group Ireland.

It’s not just that there are fewer new job opportunities in Ireland currently, but that many people are becoming frustrated with the lack of career progression in their current role.

“People have hit a ceiling, and are looking to London for exciting and dynamic career opportunities,” says Ken Harbourne, managing director of recruiters Wallace Myers International. “However, few people view this as a long-term move, and are unwilling to move their families as a result.”