I don't think the situation is significantly different in the US. I have a few engineer friends that now work in Germany and the environment is similar. Management ranks in the US have a fair number of engineers in them as well for the same reasons. An engineering degree from MIT or Stanford opens the same doors (maybe even more) than MBA degrees from the same schools. While managers make more money than engineers in the corporate world, MBA degrees are to some extent disrespected by the public, known as "a dime a dozen," and certainly do not guarantee you a management track job.

The UK quip came from myself looking for a job there - the pay was about 50-70% of what it is in the US. Good luck living anywhere near London on that sort of money. Some programmers I know from the internet working for banks in London seem to a lot better, so my view is admittedly anecdotal.

you are the media you consume.