AIBU to apply for a promotion role during redundancies at work?

[Supersensitive]

In my current workplace there are redundancies being made. I am not being made redundant, as my role is not. Lots are.

There are new roles available that I can also apply for . We are in London , working in finance , so likely to be a lot of applicants anyway . The roles are external and internal . One role is a role that is a step up from the role I am in now - would be good career progression , but I am unsure if I meet all requirements. However , I have been told by those superior to me that I do meet the requirements and I wouldn’t necessarily say encouraged but it has been made clear to me by them that I can apply . It would be a good further pay rise ( I am getting a pay rise in the role I am in now anyway ) and most certainly a great jump in my career.

My dilemma :

Cons :
I’m safe now with a pay rise anyway. If I apply for this job and don’t get it then I’m still good, but I worry it will affect my confidence as I will be then working under someone in a role that I might feel I was not deemed good enough for .

The person who currently works as my superior cannot apply for the new role as the requirements have changed and they will either accept redundancy or apply for a role that would be directly beneath me , if I were successful - I would feel awful ! I don’t know how that would work when in the role.

I have to interview for it and worry if I crumble , I will be looked at differently because as it stands I am held in high regard and always praised for my work .

I worry if I DONT apply , when I can , I will look like I have no ambition. I’ve said I want to progress , this is a way to but if I don’t then will it look like I don’t want to or don’t have the confidence to.

Pros

If I apply , even if unsuccessful , then I am showing I want progression .

It’s a step in the right direction for me.

It’s a pay rise.

I don’t want to appear as sneaky to colleagues. But I do also have to think of myself. I am really unsure . Advice would be appreciated.

Go for it you’ll regret if you don’t try

You'd be mad not to apply. Management have given you verbal encouragement to go for it meaning they view you as a viable candidate. They will prefer to promote internally than bring someone in that has to learn the ropes of the business.
As for being sneaky you can be sure that everyone of your colleagues would sell you out for a better role if they had the chance. Sometimes the dice rolls in your favour,other times it doesn't. This is your positive dice roll.
No one else would give your emotions a second thought if they had the opportunity.
You will be in no worse of a position if you don't get it. Apart from getting some interview experience nothing will change.

Your cons are all completely ridiculous.

Apply for it!

The only reason not to would be if you expect the redundancies to continue and you'd be better off looking for a job elsewhere. Otherwise go for it.

Sorry but you are way overthinking this.

It's a no lose situation. You'll still have a current job.

If you don't get it and you have a new manager who knows you also applied, they are more likely to see you as one of the strongest members of the team rather than thinking you can't do your job!

Just apply.
If you don’t, you’ll always be looking resentfully at the person who gets it thinking that you could do a better job.

If you don’t get it, it’s just one of those things, no-one will think badly of you.. it sounds like it’s a changeable time in your organisation so everyone will be distracted by their own dilemmas anyway.

Kindly, you're wildly overthinking. Do you want more money and a new challenge? Go for it. Want to sit tight because you're happy where you are? Don't.