Lloyds cutting rates by another 10% today

[Soled73]

Lloyds Banking Group (aka HBOS, Halifax plc etc) will be cutting IT contractor rates across the board by another 10%.

Communication will be posted tomorrow to all agencies. I understand it's another accept or leave ultimatum.

This follows on from a similar 10% blanket cut approx 12 months ago.

[bracken]

Bugger...I'll have to tell the mrs that she can't have that new bathroom that I promised her although it won't of course impact on the new tv that I promised myself...

[uky kozak]

So let "All" contarctors say OK lets split the cut 50/50 with the agency or are we gonna turn the other cheek and accept the punch as usual????

The agency will be on exactly the same as before the cut. If every contractor turned round and said the above then the agency will have to accept else chance losing every contractor by walking which would be unacceptable especially in a middle of a project. But hey we are Brits and take eveything thrown at us without question.....pfff

[bracken]

So let "All" contarctors say OK lets split the cut 50/50 with the agency or are we gonna turn the other cheek and accept the punch as usual????

The agency will be on exactly the same as before the cut. If every contractor turned round and said the above then the agency will have to accept else chance losing every contractor by walking which would be unacceptable especially in a middle of a project. But hey we are Brits and take eveything thrown at us without question.....pfff

I'm right behind you....... On the bench looking for a new role. They may have a retention issue in London where there's more competion (but I doubt it!!). At their other sites (oooop north), the Market is so dead that I'll just roll over and maybe even invite them to tickle my fat tum tum.

I do however wish you success in your crusade

[Shimano105]

Last time they were quoting £230 a day - much less than the £40 an hour I used to get there. So now they will be quoting just over £200 a day?

8 years ago they were paying me £310 a day for minimal skillset (at the time), not withstanding inflation that is a hell of a pay cut.

More hours, (many) more skills required, less money every 6 months - time to get out of this IT lark now I think.

[cojak]

I'm right behind you....... On the bench looking for a new role. They may have a retention issue in London where there's more competion (but I doubt it!!). At their other sites (oooop north), the Market is so dead that I'll just roll over and maybe even invite them to tickle my fat tum tum.

I do however wish you success in your crusade

I'm afraid that is the answer in these times.. But you did make me laugh!

[kaiser78]

Lloyds Banking Group (aka HBOS, Halifax plc etc) will be cutting IT contractor rates across the board by another 10%.

Communication will be posted tomorrow to all agencies. I understand it's another accept or leave ultimatum.

This follows on from a similar 10% blanket cut approx 12 months ago.

Be careful with comments like these - there was no blanked cut 12 months ago - maybe in certain areas but not across the board.

[BrilloPad]

They still have a job? Should be grateful.

[Menelaus]

They still have a job? Should be grateful.

WHS

LTSB and its group members are going through a fair few bits of hassle at the moment - not unconnected to that underwear selling short-arse ***** Hornby who has now ****ed off to Boots.

Given that Fred-the-Shred has paid back a bit of wedge, do you think Andy Hornby should too?

[lightfoot]

I was there when there last year when they cut rates 10%. They Offshored nearly all contract positions in our area and lots of people on inter-company transfers. At RBS now and same thing happening off-shoring most contract positions. On my last month