rate cuts in the city.

[HairyArsedBloke]

Today's Alex cartoon in the Telegraph is good.

[Lewis]

How often do those kinds of clients actually go through with their rate cuts?

By which I mean:
(1) they ask the contractor to lower the rate
(2) contractor says no
(3) contract is terminated (or not renewed, when the original plan was to renew).

I'm sure lots of contractors bottle it and cut their rates when asked, but that doesn't count.

You would have to be VERY special for them to renew if you say no to the rate cut (plus authroisation would need to come from up high to make an exception). Plus they will look to replace you pretty sharply too. For 99% of people you either take the cut or leave. I've had it happen a few times in the last 10 years, all around 6 years ago.

That said. Here at this top tier IB in Canary Wharf there is no discussion of rate cuts. Recruitment is up and rates are extended on renewal (as appropriate obviously) as far as I can tell. I've no concerns as yet. But these things can change very quickly.

[Sockpuppet]

Good thing I'm in the habit of saving money for people.

When the markets are good I do new builds. When the markets are bad I do cost reductions.

Whatevre happens people will still buy cheap tulip from china so there will be a need for logistics.

[dude69]

Yup.

http://www.houseinphuket.com/houses/LTR/a0133/

@700 quid a month, I reckon my pile would last until the next boom/bubble.

£700/month?

Seems quite expensive for Thailand.

For the same money in Bali:

http://www.ptbalirealestate.com/List...pertyID=678490

Or if you want super-cheap,

http://www.rumahraya.com/katalog.php?aksi=lihat&id=240
£80/month

[kismet110]

Just heard the large British invest bank I'm based at is subjecting all contract renewals to a 5% rate cut, given the market conditions... any reports of this going on in other financial companies?

I work at the same IB, got a call from my pimp yesterday stating the same. Did mention to him I have a potential gig lined up in NL but will absorb the 5% hit if they sort out the paperwork quickly and it's 6 months as per last time ...

[Moscow Mule]

I work at the same IB, got a call from my pimp yesterday stating the same. Did mention to him I have a potential gig lined up in NL but will absorb the 5% hit if they sort out the paperwork quickly and it's 6 months as per last time ...

Sod that - get the agent to reduce his margin as well.

[ratewhore]

Sod that - get the agent to reduce his margin as well.

I concur...

[kismet110]

Sod that - get the agent to reduce his margin as well.

My initial thought was to absorb it as been here a while and on a decent rate anyway but now you mention it and coincidentally a chat today about more/extra work coming my way I might hold out; less moolah for more sh*t does not compute ....

[Ruprect]

My initial thought was to absorb it as been here a while and on a decent rate anyway but now you mention it and coincidentally a chat today about more/extra work coming my way I might hold out; less moolah for more sh*t does not compute ....

Even more so if you've been a cash cow for the agent for a while. Make sure they take a cut too.

[Alexander Coe]

Sod that - get the agent to reduce his margin as well.

Yeah, have heard the agency/EB are helping absorb this for some of the effected contractors, so well worth a try!