Wow what happened to contractor rates in London?

[DimPrawn]

Used to be full of £700 and £800 a day roles, now they all look to be around £400 a day.

Is this the immigration effect? The work permit effect or what?

Crazy when you consider renting/buying in or around London would eat that up in no time....

[BrilloPad]

IBs are shedding staff.

[MrMarkyMark]

Used to be full of £700 and £800 a day roles, now they all look to be around £400 a day.

Is this the immigration effect? The work permit effect or what?

Crazy when you consider renting/buying in or around London would eat that up in no time....

Higher rates than £400, say £650+, are there, it depends on skill set and who you know.
IBs, or their engaged consultancies, are hiring a lot less at the moment.

[eek]

Used to be full of £700 and £800 a day roles, now they all look to be around £400 a day.

Is this the immigration effect? The work permit effect or what?

Crazy when you consider renting/buying in or around London would eat that up in no time....

Supply and demand. Supply is there, demand isn't and probably never will be again.

As I've said elsewhere time to get up the food chain or get out...

[jamesbrown]

IB? I don't work in IT, but wasn't that driving London rates? Given that IB is having a turd (a very long and painfull one), perhaps it's not that surprising. I'd expect you can achieve the same thing outside London by specialising though (whether in IT or not).

[MrMarkyMark]

There's still IB regulatory or compliance related work that has to be done and good money to be had

However, as Eek has suggested providing true specialist consultancy is the way to go. I'm getting closer to that, myself too, hopefully.

[LondonManc]

IB? I don't work in IT, but wasn't that driving London rates? Given that IB is having a turd (a very long and painfull one), perhaps it's not that surprising. I'd expect you can achieve the same thing outside London by specialising though (whether in IT or not).

Highly unlikely. You'd be very niche and imposing a limit on yourself of where you can work, which places risk on future roles. If you can carry your skillset across industries, then it's always better.

There's a massive off-shoring cycle underway at the moment; until Brexit kicks in or goes away, the banks are worried about how much requirement there will be for London resource.

[WTFH]

Nothing to do with immigrants, the EU, or any other daily fail headlines. All to do with banks losing money, not being prosecuted for wrecking the economy and now trying to blame everyone but themselves for it.
Have you seen the Big Short?

[DimPrawn]

Nothing to do with immigrants, the EU, or any other daily fail headlines. All to do with banks losing money, not being prosecuted for wrecking the economy and now trying to blame everyone but themselves for it.
Have you seen the Big Short?

I haven't, is it a good film?

Maybe the banks need a bigger bailout, let's face it, a few trillion £££££ is peanuts, I'm thinking Graham's number in size at least.

[jamesbrown]

Highly unlikely. You'd be very niche and imposing a limit on yourself of where you can work, which places risk on future roles. If you can carry your skillset across industries, then it's always better.

There's a massive off-shoring cycle underway at the moment; until Brexit kicks in or goes away, the banks are worried about how much requirement there will be for London resource.

Well, I can't speak for IT but, as others seem to be agreeing above, specialist consultancy is the way to go (and potentially WFH too). I doubt this trend in IB will reverse after June 23. There may be more roles available after June, but there are far more fundamental issues in IB. I agree w/ MrMM on compliance though - definitely where I'd be heading if I worked in this area.