New research has shown that contractor belief that there is still money to be made within the financial sector. The research, conducted by Giant, showed a 50 per cent increase in the number of IT contractors who believe that the majority of their business will be based in financial services compared with those surveyed six months ago. More than half of those surveyed also stated that despite difficulties in the sector they still believed that they would be in receipt of a pay rise.

Matthew Brown of Giant stated: “In the aftermath of Lehman Brothers’ collapse, IT directors and team leaders at investment banks were forced to let contractors go. But more than 12 months on since the bank’s demise, the IT jobs situation is different because now those same team leaders are being instructed to start hiring again.”

This sentiment was echoed by the Association of Professional Staffing Companies when speaking to Contractor UK. Their director, Marilyn Davidson, stated that there is “a bit of evidence to support the feeling that things are getting better.”

Mr Brown said: “Earlier this year the sheer scale of the downturn in the job market was dawning on everyone and so securing an income to pay bills and mortgages became an understandable priority. We are not at the end of the tunnel just yet but these figures suggest [that] as IT contractors are less nervous about the prospect of being out of work, they are starting to place greater emphasis on career issues, such as the opportunity to develop their skills, when selecting contracts.”

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