Will the predicted rise in unemployment be good or bad for contractors?

[PerlOfWisdom]

I have no sympathy for banks as they should all have been putting money aside to shore them up when everything goes petals up....sorta like they keep telling us to put money away for a rainy day

Then the government would have confiscated it as a windfall tax. It's only fair!

[Tingles]

Do I qualify as a Johnny-come-lately as I've only been contracting since May 2007?

Yep.....

[HermanDune]

Do I qualify as a Johnny-come-lately as I've only been contracting since May 2007?

[swamp]

Normal practice is to dump contractors first into the down turn then the permies. On the way back up, contractors first hires then permies.

+1

The good news, if you can call it that, is the market seems to be declining gradually rather than falling off a cliff. The Johnny-come-lately contractors will crawl back into permiedom, and the antipodeans will go home and sit in the sun. The real contractors left (i.e. us) will then adjust to the new market conditions.

[Mailman]

What you wont hear from any of the banks is the fact that most of their UK businesses have actually increased their profits on last years efforts.

Mailman

[TimberWolf]

What if banks losing money start thinking that the complex computer models and IT systems costing them so much are really just a guy with a hunch who keeps working the models until he sees a figure come out that seems about right? What affect would that have on the contracting market?

[contractor79]

Surely, our commi nulub masters should pass a law that says if you are a business that has made £100million or more in business last year then you cant make staff redundant.

I can just hear Harriet saying now "it's the RIGHT thing to do!", as they say everything they do is. Politicians know best, obviously.

[Mailman]

It could be very bad, especially if the banks all start to dump large numbers of staff on the back of a bad six months of trading.

When I say bad, I mean the banks havent made as much as they did last year and yes, only RBS and Citi have posted actual losses and Santander has actually posted an increase in its profits over the same period last year.

So anyway, back to my point.

If the banks dump large numbers of staff then this will suck money out of the local economies that those staff all live in. No money in the local economies will hit businesses, who will not be able to repay bank dept, which in turn means more write offs and ultimately the banks make even less than in the first 6 months of the year!

Surely, our commi nulub masters should pass a law that says if you are a business that has made £100million or more in business last year then you cant make staff redundant.

I have no sympathy for banks as they should all have been putting money aside to shore them up when everything goes t1ts up....sorta like they keep telling us to put money away for a rainy day

Mailman

[DimPrawn]

why would unemployment be bad news? it's time to play xbox and blame the economy for the gap in your cv

Schools out.

[contractor79]

Normal practice is to dump contractors first into the down turn then the permies. On the way back up, contractors first hires then permies.

why would unemployment be bad news? it's time to play xbox and blame the economy for the gap in your cv

[HairyArsedBloke]

Normal practice is to dump contractors first into the down turn then the permies. On the way back up, contractors first hires then permies.

[Diver]

Unemployment is going to be on the up for a while, will this be beneficial for contractors as permies are replaced with contractors? Or are we all doomed to hoping our bench funds last long enough for things to pick up?

MacDonald's is Hiring

HTH

[DiscoStu]

Unemployment is going to be on the up for a while, will this be beneficial for contractors as permies are replaced with contractors? Or are we all doomed to hoping our bench funds last long enough for things to pick up?