AIBU to consider a £10K paycut?

[HotPotLove]

I have been in my company for a few years and have always done well, was promoted etc. There has recently been a change in management and I was overlooked for a promotion. This has really affected my self esteem at work and I am generally not enjoying being in the team anymore (although it’s not like a highly toxic environment to be honest, I guess it’s mainly pride). Issue is that with the current set up I see no growth ahead of me. I am fairly well paid for my role in my industry (Manager), earning £ 70K. Would I be silly to consider roles that pay around the £60K mark and at a slightly more junior grade (executive/advisor/specialist type) if they could potentially offer promotion opportunities? Current role has affected my confidence so I am struggling to think I could do well in a more demanding role in a new company and am thinking that a slightly more junior role might suit me well if it means I can then progress and re-build confidence.
AIBU?

Forgot to add that financially we can afford it however DH’s salary is lower than mine so it would mean having to cut on a few things and reduce monthly savings which isn’t ideal. But doable.

Personally I think yes ( and I’m ex HR) if there is more scope for moving up

look at an income tax calculator to see what the difference is per month. You may find that after tax/pension/ national insurance etc there’s only a difference of a few hundred quid each month between a salary of £70k and £60k. If it means you can work somewhere less toxic that provides you opportunities for growth it might be worth it in the short term/ medium term. Sounds like a move would make you much happier which is worth its weight in gold.

Sounds like a good plan. Gives you a chance to try a new path and see whether it suits you better. Plus on that sort of pay, the loss won't be anywhere near £10k pa due to 40% tax, and greater CB entitlement and lower student loan repayments if applicable.

If there is no progression in your current role and there definitely would be elsewhere then yes, you should leave. But is there any way of moving and not taking a pay drop? That seems to me to be the most sensible thing to do!
But why didn't you get the promotion? I think you should consider working on that because moving job alone isn't necessarily going to improve your confidence.

Difference should be between £400-£500 monthly from what I gather

Very little in the market currently. Reason for being overlooked mainly political

If it was political that isn't going to change so yes, look elsewhere. Good luck.