Reply to: Rate Cuts - Banking - London

[swamp]

If all contractors at a particular site were to argue, say, for various pointless IR35 amendments to their new contracts, then HR and Legal and the agencies would find themselves tied in knots arguing and rejecting all the proposed changes. No doubt they would still drive through their rate cut, but they may think twice about doing it again.

[JoJoGabor]

No collusion required, just check this board once in a while. "oh look other banks are getting away with slashing contractor rates, lets do the same"

[AnthonyQuinn]

Collusion needs to be stamped out. All of you should walk out of your jobs now and take a stand especially those in the Glasgow area in .NET related roles.

In case you forgot, you don't have JOB with the bank. Your only JOB is with your own company and you don't want you walk out of it.

Collusion is an offence if its regarding fixing price for customers. Not about reducing costs from vendors.

[centurian]

Can rate cuts be used as an IR35 defence. Just looking for a silver lining.

I suppose it reduces your CT liability

[Jeebo72]

Speaking to BNP Paribas contractors this avo, none have heard of the 15% cut????

[d000hg]

Not on that list, thankfully. No rate cuts here for any contractors. And no, I'm not saying which IB.

But it's not an oligopoly market, no siree, no, not at all. They're all independent banks working completely independently from each other and not sharing details between each other that allows them to shaft everyone who isn't a bank.

Or, one bank does it and the others figure they can clearly do the same and get away with it.

[tarbera]

Credit Suisse

Did you get a call this morning? One of the last IBs to act has just cut 10%.

Credit Suisse 10% cuts out today I take it

[russell]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

Collusion needs to be stamped out. All of you should walk out of your jobs now and take a stand especially those in the Glasgow area in .NET related roles.

[craig1]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

But it's not an oligopoly market, no siree, no, not at all. They're all independent banks working completely independently from each other and not sharing details between each other that allows them to shaft everyone who isn't a bank.

[malvolio]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

[BrilloPad]

Is it really the banks or is it driven by the agents increasing their margin?

Most agents for IBs are on a fixed margin - one of the conditions of being on the PSL.

[Lewis]

Not on that list, thankfully. No rate cuts here for any contractors. And no, I'm not saying which IB.

Did you get a call this morning? One of the last IBs to act has just cut 10%.

[Scrag Meister]

Current IB ClientCo, who I was also with in 2008 were late to the rate cut party last time, so am waiting with bated breath.

It was 15% cut at the 6 month mark in a 12 month contract in 2008, after an 11% rise at renewal.

GL All.

Do I have the balls/stupidity to walk, I think not. Take the cut and start looking.

Is it really the banks or is it driven by the agents increasing their margin?

I think not, the banks I've been at have a fixed % contract with the agent.

[tractor]

..

I believe Hays were the ones leading this little initiative.

Is it really the banks or is it driven by the agents increasing their margin?

[Crack Addick]

I believe Hays were the ones leading this little initiative.