State of the Market

[Snooky]

Just reading an article in The Times about conspiracy theorist and came across this snippet.

[She] applies particular scrutiny to a free newspaper called The Light, which prints 100,000 copies a month, has established links to the far right and has directed readers to the work of Eustace Mullins, a white supremacist and Holocaust denier who died in 2010. In a glossary of “news speak” that appeared in a recent issue it described democracy as “an illusion that you have a say in your slavery” and defined the BBC as the “Ministry of Truth”.

So there we go. Now we know what the deluded idiot reads.

One of my relatives, to whom I no longer speak, has always been a bit nutty but went full-loony on the whole antivax / COVID conspiracy b*ll*x and kept sending his family members copies of this dross. It really is worrying how many seriously unhinged people are out there.

[PCTNN]

It's seems like what you need to do to find peace is find a £150k a year gig in Wakefield or Bradford.

Not according to my in-laws' neighbours. They couldn't find peace in Bradford so they moved to Scotland.

[wattaj]

It may be my rose-tinted specs, but I think that the halcyon days of contracting were last century. Since then I've viewed contracting as being in managed decline, exacerbated by government policy. Indeed, I think there's an argument that the UK is now in managed decline.

Seems to me now that if a client wants people to jump on a project, they go to a 'consultancy' for resources. Contractors once had the advantage of being able to agree contracts in an hour, but for the prudent that's long gone.

Personally, I don't know any contractors under 55; indeed most of those I know still working are coasting towards retirement. The younger ones I did know 10 years ago have become permie, or left the UK (which is what I suggest to anyone who's young, skilled and mobile).

Last time I started a gig at short notice was 20 years ago in London (meet client on Friday, start Monday). Is this even a 'thing' these days?

Agree.

[SussexSeagull]

I am 50 in November and when I was choosing what to do in college in the 90s - in those days HNDs were a real alternative to degrees - I was steered into IT because everything was going onto computers, which proved to be true. Unfortunately for me several million Indians reached the same decision over the next few years and offshoring and the industry encouraged issuing of work permits has flooded the market.

I don't think the work has dried up or is threatening to (granted I imagine a few projects are on hold at the moment due to interest rates) but what we do has gone from being a desirable skill to something that goes to the lowest bidder.

I am not convinced it is much better in permie world as when I look the salaries aren't that much better than when I left it in 2008.

[Fraidycat]

I don't think the work has dried up or is threatening to (granted I imagine a few projects are on hold at the moment due to interest rates) but what we do has gone from being a desirable skill to something that goes to the lowest bidder.

I think both contract and permie rates had kept up with CPI inflation between and 2000 and 2022. But obviously did not keep up with houseprice inflation.

The other thing is higher tax rates for both contracting and perm. Much higher today compared with 23 years ago.

So i think contracting would still be pretty good if the tax rates were not so high and houseprices were not so high. That is why the 90s were such a great period to be a contractor.

[JustKeepSwimming]

I think both contract and permie rates had kept up with CPI inflation between and 2000 and 2022. But obviously did not keep up with houseprice inflation.

.

When housing make up 30%+ of costs it's meaningless to not include it.

Inflation has been far higher than the CPI implies. Product substitution, product quality, shrinkflation, all things not accurately captured by the metrics.

[Guy Incognito]

That is why the 90s were such a great period to be a contractor.

I am currently earning the highest rate I have ever achieved. It is exactly 20% more than the rate I achieved in my second ever contract in 2001.

[oliverson]

When housing make up 30%+ of costs it's meaningless to not include it.

Inflation has been far higher than the CPI implies. Product substitution, product quality, shrinkflation, all things not accurately captured by the metrics.

Yes, it's tulip living in this country these days. I'm glad I was born when I was born. Luckily I got on the housing ladder in the early 90's and again in the mid-00's. In my mid-50's now I can feel my time as a contractor coming to an end. The point comes when you start looking at how many days you've got left, not what is the max days you can bill for this month. Also, what's the point having two homes, especially when you've no children to leave them to. What is the point continuing working full-time?

[oliverson]

I am currently earning the highest rate I have ever achieved. It is exactly 20% more than the rate I achieved in my second ever contract in 2001.

So, you're massively down when you factor in inflation!

As an example, £ 400 a day in 2001 would be worth £ 714 today!

https://www.bankofengland.co.uk/mone...ion-calculator

And that's when there was no tax on dividends, allowances were greater, flat rate VAT scheme was good for a couple of grand extra a year, etc, etc.

[davetza]

It may be my rose-tinted specs, but I think that the halcyon days of contracting were last century. Since then I've viewed contracting as being in managed decline, exacerbated by government policy. Indeed, I think there's an argument that the UK is now in managed decline.

Seems to me now that if a client wants people to jump on a project, they go to a 'consultancy' for resources. Contractors once had the advantage of being able to agree contracts in an hour, but for the prudent that's long gone.

Personally, I don't know any contractors under 55; indeed most of those I know still working are coasting towards retirement. The younger ones I did know 10 years ago have become permie, or left the UK (which is what I suggest to anyone who's young, skilled and mobile).

Last time I started a gig at short notice was 20 years ago in London (meet client on Friday, start Monday). Is this even a 'thing' these days?

Yes, this just happened where I am last week. It was someone who was previously there but interviewed Friday started Monday. he is good at what he does which helps.