you're not giving a lot of information to go on though, what sort of job would it be?
I went the phd route (which to be honest is actually well paid in my country and university) and haven't ever regretted it, because even the hard parts were fulfilling and fun to put it all mushy. Not to mention the return on investment of a phd is pretty big. I also appreciated the opportunity that I was given, phd's are the highest academic degree and not many people have them and you get to do something useful for society by writing them.
given the content of your dilemma I take it you're pretty young (23-25ish?) so you probably don't have a lot of life's obligations like paying off loans, filling up truck sized cars or paying for the kids so a pay cut of 200 pounds shouldn't be that big a deal unless you're already earning a pittance right now.
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