Pay for IT contractors in the UK financial services sector has plummeted 12% in the last six months to £44 per hour - the lowest level in five years. A poll of 4500 IT contractors has found the median hourly rate for IT contractors in the financial services sector has slipped to £44 from £50 in the fourth quarter of 2007, according to the Association of Technology Staffing Companies (ATSCo) and CV specialist iProfile.org. It is thought the 12% slump is primarily due to new contracts being signed at lower rates rather than renegotiated deals. ATSCo says this is the first fall in pay since the credit crunch began last August and the first drop in IT contract rates in the City since 2002. The association says this is likely to be a result of banks cutting costs by shelving projects that are not expected to deliver an immediate...
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