345rty is partially right, but I wouldn't want you making a decision on incorrect information. I am a final year trainee clinical psychologist, and can answer a few of your questions.
Firstly, clinical psychologists don't just do the 'talky stuff'. We primarily approach problems from a non-medical angle yes, but psychological therapy is not the only string in our bow. We also provide consultation to other professionals, supervision, teaching, training, neuropsychological and psychometric assessment and (sometimes) research. These latter activities have become more common, as psychologists have increasingly had to take on more skills as a race to the bottom ensues in the NHS. On the pay front, clinical psychology in recent years has taken an almighty hit, in that many of the most senior positions (bands 8C+) have been cut, with such posts being regraded to lower banded jobs with the same responsibilities when the individual occupying the post leaves (check agenda for change pay scales for the latest pay). Private companies know this, and have drastically dropped the amount they offer to clinical psychologists for employed posts now, relative to what they used to (CPs used to get jobs ranging from 30-100k, now its more like 30-60k, with experienced jobs being advertised as newly qualified money, and utter disgrace if you ask me). This means that many talented, ambitious psychologists are getting stuck in bands 7-8B, with many either taking on part-time, or whole-time private practice to progress their careers, which can be lucrative if you do well. We take a minimum of 8 years usually to train (3 year degree, several years experience, 3 year doctorate).
Psychiatry on the other hand, primarily deal with assessing patients mental state (often in times of crises), carry out medication review clinics, conduct ECT (which, as an aside, should NOT be used in the NHS due to its terrible evidence base), review mental health act sections, and generally take a lead role in the team, acting in the role of responsible clinician. This is an awful lot of responsibility, but they are very, very well compensated for it. In fact, the only profession not to be severely hammered in recent years by the NHS cuts has been the medical profession, and in this specific case psychiatry. They are a very powerful profession, hold a lot of status, and have positioned themselves well in terms of policy dictating that there MUST be a psychiatrist on hand in a CMHT. Due to this, and the fact that the BMA has a direct strangle hold on the number of training places (thereby manufacturing a chronic shortage) there salaries have not been cut, and there prospects are bright. Salaries run from around 30k-100k+, with many priviate adverts paying over 100k. It does take longer to train, with the minimum time to qualifying as a consultant being around 35 (5 years med school, two years foundation, 8 years+ specialist training). However, you are paid throughout this training very well.
Ultimately, no one can predict how these professions will go, nor can anyone predict how the NHS will end up (privatised as a funding stream to hand out money to private providers IMHO). However, psychiatry will, for the foreseeable future, have brighter prospects and much higher pay than psychology. But you need to decide how important this is, and whether your heart is truly set on psychology or psychiatry.