HARRY LIME, a racketeer played by Orson Welles in “The Third Man”, remarked that the only cultural legacy of centuries of stability in Switzerland was the cuckoo clock. The City types who have fled London for the quiet of Geneva or Zurich might see what he means.

Rising taxes, fears of tighter regulation and public hostility have persuaded some hedge funds and oil-trading firms to move to Switzerland. Other disgruntled financiers have threatened to follow. They might be bluffing: Geneva's finance minister recently said that the city was running out of office space—and some might in any case be deterred by the experience of the trailblazers. Many exiles find Switzerland oppressive and miss London's variety. Some are bored and plan to come home.

A lot of the complaints are about things that afflict the mobile elite elsewhere. Upping sticks is costly and onerous: family life is disrupted; newcomers find it hard to find nice homes; the friends left behind prove hard to replace. But problems that elsewhere might be solved by money are less tractable in Switzerland, where the merely well-off are outgunned by the super-rich.

Schools are one such battleground. Competition for places is fierce at the handful of schools where classes are taught in English. There are dark rumours of gazumping. “You need muscle to get kids into the international schools,” says Alex, a financier who recently returned to London after a brief Swiss sojourn (names have been changed to prevent recriminations). “Otherwise it's a Swiss school, where your kids will find it hard to settle.” A few opt to send their children to boarding schools in England.

Housing in Geneva is pricey even compared with the posher parts of London. Some choose not to buy because they might soon return home, but discover that flats for rent in the city centre are scarce. Expense is not the only problem. Leases often require newcomers to be vouched for by other tenants. Food and clothes are costly, too. Katy, a trader's wife, misses the discount retailers on British high streets.

Free-wheeling financiers who sought a lighter regulatory touch in Switzerland are infuriated that petty rules are rigidly enforced outside work. Kit, the head of a trading outfit, tells of a visit from a policeman one morning. He was threatened with a fine because his maid had put out the rubbish before 7am. Toilets cannot be flushed, or washing machines used, after 10pm without provoking strife. Taxis must be hailed from a rank. Red tape is rife.

Yet it is boredom that seems to hurt most. Traders find it hard to meet people from outside the world of finance. The snootiness and sameness of Switzerland is dispiriting, they say. Geneva is deserted in the evenings and at weekends. Shops and restaurants are closed on Sundays: “If you want a Sunday lunch, you have to drive to France,” laments Simon, a hedge-fund manager. Friday flights to London are full. There is whispered talk of marriage-busting affairs with chalet girls.

And a lower tax bill does not always compensate for the expense and monotony of Swiss life. The tax benefits of Geneva are in any case overstated, says Kit. He reckons his firm pays 70% of its gross income in various taxes. Health insurance, legal costs and accountancy charges are far higher than in London, he claims. Tax breaks are not always spread evenly. Some firms cut a bespoke deal for their top staff, says Simon.

The sharp rise in the Swiss franc has made it costlier for Swiss-based outfits to pay their wages (see chart). It has also increased the risks of leaving Britain for a spell abroad. A trader who sold his London property and relocated could lose much or all of his tax savings on his return if the pound recovers.

Not everyone is homesick. Geneva suits people who are over 35, have families, are established in their careers and like skiing, hiking or sailing, says Dylan, who has settled there. Such pleasures are within easy reach of Geneva, which is one reason it is empty at weekends. Younger migrants who prefer indoor pursuits, such as the arts or clubbing, seem to struggle.

Kit is moving his firm back to London. The best training for young traders is on the dealing floor of one of the big London-based banks, he says. London's size, it seems, is still a big advantage.