UBS Rate Cut

[LondonManc]

I'd rather have a furlough than a rate cut but both are good for IR35.

[ChimpMaster]

Don't worry. When the economy booms and banks have a greater need for contractors, sign up and then increase your rate 10% mid-contract.

[stek]

All you need to do is obtain another EU residency before Art. 50 is completed and relocate to EU where all the banks will be by then.

[Mordac]

It's certainly unlucky, but as has previously been pointed out, the client has breached (assuming the rate was set out in the contract, which is normally taken as a given). I'd be tempted to walk out on the spot, and sod the consequences, and they are certainly not doing themselves any favours regarding future projects, but they a major international bank, and you aren't, so your decision has to be taken based on your personal circumstances.

[BrilloPad]

Don't worry. When the economy booms and banks have a greater need for contractors, sign up and then increase your rate 10% mid-contract.

Any further IT jobs the banks require will be offshored.

[LondonManc]

Any further IT jobs the banks require will be offshored.

Don't count on it. Their inability to deliver is seeing results; one client have had a role returned back to London already.

[northernladuk]

It's certainly unlucky, but as has previously been pointed out, the client has breached (assuming the rate was set out in the contract, which is normally taken as a given). I'd be tempted to walk out on the spot, and sod the consequences, and they are certainly not doing themselves any favours regarding future projects, but they a major international bank, and you aren't, so your decision has to be taken based on your personal circumstances.

That's what every big man says but never does.

I'm not sure it's been pointed out as breach before. Someone has made a guess I think.

[MrMarkyMark]

That's what every big man says but never does.

I'm not sure it's been pointed out as breach before. Someone has made a guess I think.

Generally, its take it or walk away "offered" in any case, so a mute point.

Obviously, does not happen for all and individuals can negotiate out also.

[TestMangler]

It's certainly unlucky, but as has previously been pointed out, the client has breached (assuming the rate was set out in the contract, which is normally taken as a given). I'd be tempted to walk out on the spot, and sod the consequences, and they are certainly not doing themselves any favours regarding future projects, but they a major international bank, and you aren't, so your decision has to be taken based on your personal circumstances.

They won't have breached. What they will have done is issued a termination as per the contract and offered a new contract on the new terms.

As for walking out, fully agree on that score. Only happened to me twice in 20 years. Left both times and both times was back on a higher rate within 3 months.

I didn't walk out, but what I did do was just carry on, say nothing and leave on the date set out in the agency termination. Both times I got calls the following week asking where I was. When I pointed out to the client that they had terminated my contract, the response both times was 'But you were meant to take the rate cut, you weren't meant to leave'.

[eek]

They won't have breached. What they will have done is issued a termination as per the contract and offered a new contract on the new terms.

As for walking out, fully agree on that score. Only happened to me twice in 20 years. Left both times and both times was back on a higher rate within 3 months.

I didn't walk out, but what I did do was just carry on, say nothing and leave on the date set out in the agency termination. Both times I got calls the following week asking where I was. When I pointed out to the client that they had terminated my contract, the response both times was 'But you were meant to take the rate cut, you weren't meant to leave'.

Never happened to me - but that's because I have a choice of places to go to and as soon as the name Barclays or Lloyds appear its sorry not interested unless the rate is 50% more than market...