Lloyds Bank 10% rate cut from April

[Bluebird]

Comms are being sent out about 10% rate cut across the board for any contract renewal after April.

Given other org wide changes as well, looks like tough times ahead for contractors with Lloyds.

What I don't get is that lloyds are saying the 10% cut is on the day rate to contractors - surely the 10% should be to the overall rate including the mark up?

If LBG are controlling rates paid, surely that makes them employer by default and therefore liable for employment regs and all the contractors within IR35?

[BolshieBastard]

What I don't get is that lloyds are saying the 10% cut is on the day rate to contractors - surely the 10% should be to the overall rate including the mark up?

If LBG are controlling rates paid, surely that makes them employer by default and therefore liable for employment regs and all the contractors within IR35?

If you had a copy of the upper contract then you'd probably realise from a written contract POV, yes, virtually everyone would be IR35 caught.

One presumes the "10% contractor rate cut" applies to the whole amount to agent and contractor but for ease of communication, they just say "contractor rate cut"?

[shingz]

worked once with Lloyds

never again!!!!

poor rates. but great if you like sitting around, pushing the pen around and getting nothing done.

[Eirikur]

never again!!!!

poor rates. but great if you like sitting around, pushing the pen around and getting nothing done.

Same as at Barclaycard then

[Taita]

Lloyds've been shedding staff for years.

Somebody has to pay the bonuses.

[No2politics]

I turned down a Lloyd gig about a month ago. New role is much more interesting learning newer tech in a new industry, but about 10% less than what Lloyd were paying. Glad I didn't chase the money!

[Vaughan]

Apparently the rate cut "does not apply to everyone".
But there is no evidence either way.

[WDNK]

I expect to find out in 2 weeks if i will be hit.

[shingz]

So..... Any updates to this from your Lloyds pple out there?

[Project Monkey]

Lloyds've been shedding staff for years.

...and hiring too. Continual merry-go-round, just like all other FS clients.