State of the Market

[willendure]

I'm in Scotland and have become aware recently of IT contractors re-locating from London because rates are better here, although they're no higher than a decade ago!

In Scotland also. I have seen almost zero IT contracts advertised this year.

They are relocating from London usually because they sold their bedsit and bought a mansion up here and trousered the change! WFH and maybe even keep on the London job.

[Cookielove]

Well I'm 53 and i can remember when we had regular powercuts in the 1970's, I remember Thatcher snatching our school milk, then sending the Police in after Striking miners. I remember her cabinet, Hurd, Major, Tebbit and Lawson selling off our assets to private companies for shareholders to bleed dry at our expense. I remember Tony Blair and hope only to be dashed by the realisation he was only in it for himself. I remember the coalition government of Conservative and Lib Dems, ther austerity measure whittling away our social services and councils. Then 13 more years of Tories selling us short and offshoring our jobs before Brexit and the years of May, Johnson and Sunak.

Worst government of your lifetime? Grow the f** up. They have been in just over a year, the global economy keeps reeling on all sides, AI is cutting jobs all around. US Tarrifs? Businesses want to increase profits either by off-shoring or whatever Primark/Tesco's Extra/McDonalds/P&O are doing (bringing in workers from abroad on temporary Visas as we are too expensive/want right?) is classed as?

lol!! is that the best you've got !! crawl out of nowhere and start insulting people for having their own viewpoint

It is my opinion ...so there you go!

They are useless every day they get worse they've no clue how to run a business never mind a country...doubt we will ever see another Labour government again off the back of this fiasco....

[TheDude]

I have had three approaches about financial services gigs this week.

Here is a nice one for somebody

Requirements

• Java, Multithreaded systems
• Low latency, front office trading system development.
• Algo experience is highly desirable.
• FIX, Exchange Connectivity
• Flexible on Asset class – FX or Equities ideal.

Contract: 6 Months Rolling
Rate: £800-£1000 Via Umbrella
Location: London – 3 days per week in the office.

[kingmob]

lol!! is that the best you've got !! crawl out of nowhere and start insulting people for having their own viewpoint

It is my opinion ...so there you go!

They are useless every day they get worse they've no clue how to run a business never mind a country...doubt we will ever see another Labour government again off the back of this fiasco....

I've been on this forum since 2008 (and contracting since 2001 off and on), is that crawling out of nowhere? Just because I havent posted lots doesn't mean I've not been watching

You are entitled to your opinion (even though it is demonstratably wrong), but a 14 months isnt long enough to judge a government, they have around 3 years left before they need to call an election so give them a chance? They inherited a huge gaping hole in the Public Finances thanks to the Tories. What brilliant business minds decided to annoy our nearest neighbours and leave the Europen Union? Or go along with HS2?

Besides who would you have instead? The Tories, well you still seem a fan of Jenrick. Maybe Reform? Or is Farage too far-right for you?

[SussexSeagull]

Until this country has a conversation about how we pay for an ageing population and realise that the quality of public services they get is heavily related to the amount often they pay then the situation won't improve.

When Theresa May came up with a solution to social care funding, which was less than perfect in my eyes but at least she came up with one, it got labelled the Death Tax and cost her a majority. Whenever the current government make any unpopular decisions, and I certainly don't agree with all of them, there are protests on the street and they get accused of killing people.

We live in a country that want the situation to improve so long as everyone but them make sacrifices. You could change the government tomorrow but that is still going to be the case whenever they have to raise a tax or cut spending.

[Smartie]

We live in a country that want the situation to improve so long as everyone but them make sacrifices. You could change the government tomorrow but that is still going to be the case whenever they have to raise a tax or cut spending.

Jean-Claude Juncker once said "we all know what to do, but we don't know how to get re-elected once we have done it".

This is not just a UK issue, it is a fundamental problem with liberal democracy.

Because of our electoral cycles, there is virtually no long term thinking/planning/building which is why our infrastructure is in such a state. Unlike China.

People will vote to raise taxes, but only on other people or cut spending because it has little effect on them.
Political manifestos deliver ever more unachievable promises but will get parties elected.

Our costs are increasing due to an aging population, more generous welfare provision, increasing debt (including unfunded commitments such as public sector pensions) and of course our dire productivity.
The only way out of it is a big improvement in productivity, higher taxes (that may damage productivity), higher borrowing or reducing spending which we've already seen can't even be done with a huge majority in parliament.

A lot of countries have huge and increasing debt with increasing debt interest payments including the UK.
One solution to this is 'fiscal dominance', best demonstrated by Trump's pressure on the Fed to massively reduce interest rates and therefore the cost of national debt.
That means higher inflation which inflates away state debt as well as the value of your cash and bonds (which mostly fare badly in high interest environments).

So, to summarise, we're screwed. Look after yourself.

[willendure]

Because of our electoral cycles, there is virtually no long term thinking/planning/building which is why our infrastructure is in such a state. Unlike China.

Pretty sure the answer it not totalitarianism under the CCP though!

Also, who is to say the CCP can govern long term? For example, money is not capital in China so much as a political good used by the CCP mainly to ensure full employment (busy employees dont go on long walks). Consequently domestic debt is insane in China - if you think its bad in the USA you haven't seen anything till you understand China.

One man with a small party of yes men around him cannot rule effectively, because they simply do not have the capacity to respond to the entire state of their country.

If anything, I think the opposite direction is the right one to go - put more power in the hands of locals. The Swiss model, where local government is not party political, and all local issues including planning are discussed and voted on by ordinary people at fortnightly town halls. They never had Extinction X in Germany as another example, only in the UK where ordinary people are relatively powerless so cannot really do much else but glue themselves to planes and roads and make a nuisance. Ordinary folk in Germany had a lot more influence at the local level top actually implement the green policies they wanted.

Perhaps its just FPTP centralized and party political democracy that is deeply flawed.

[willendure]

One solution to this is 'fiscal dominance', best demonstrated by Trump's pressure on the Fed to massively reduce interest rates and therefore the cost of national debt.

I think you mean financial repression as one solution. Fiscal dominance is the cause, ultimately leading to a debt cycle that we cannot break out of then hyper inflation. Financial repression is one way to get out of it. Probably gives Rachel Reeves wet dreams - imagine having the power to screw us all!

[Smartie]

Pretty sure the answer it not totalitarianism under the CCP though!

I'm not advocating for capitalist communism, but there's no doubting their ability to make long term plans without political disruption.

Don't have the confidence you have in 'ordinary people' though - look at how they (we) vote and in particular Brexit.
Most people don't have adequate knowledge about or commitment to complex long term plans and in particular how to manage that against their short term interests.

The younger generation are also turning away from the current system based on their experience of how it (doesn't) works.
https://www.theguardian.com/society/...cy-uk-research

I've come to the conclusion that the best form of government is a benevolent dictator.
The problem there of course is what happens when the next one is not benevolent.

[Protagoras]

We need a new discussion - "State of the Country".

While the country's economic position and outlook is worse than dire, I think the contract market has been impacted principally not by macro-economic events and the overall state of the economy.

Rather it's been impacted by successive governments acting to frustrate and dismantle it while encouraging clients to engage resources overseas.