Regarding the music industry, you can make it elsewhere, the guy that produced/engineered the last two arctic monkeys albums and the last kings of leon album managed to make a good name for himself without being in london. He has only just gone to london, and i think he said he managed to buy a flat there while keeping his old house too, so there's definitely opportunities to be had elsewhere, you'll have to work hard for it but it's doable.
As other people said though, the majority of the music industry is based down in london and it would probably make it much easier to break into the industry by moving there, though times may be hard for a bit if you don't have a secure income.
I want to get into the music industry too (as a bassist/guitarist or a sound engineer), and i plan on moving to london too, it's just something i want to do and that's probably the best place to do it.
Just my 0.02