Apparently UBS IT contractors are getting either a 10% or 100% pay cut according to a piece in the Reg this morning - http://www.theregister.co.uk/2011/09...f_termination/

Not the first time they have done it

This happened a few years ago in the UK, I think 8 or so. A 10% cut isn't bad - IT contractors are freelancers and that's business for you.

If you believe you're worth more than the 90%, then refuse to sign the new contract. Your client will either accept it (proving you right), not accept it but you land another job for the same or more dosh (proving you right) or not accept it and you don't find another job/client (proving you wrong).

It's a gamble. It's fun (imo) - it's how business works. It never used to happen to permies but look at what's happening around some companies here. Permies getting pay cuts, or perk cuts, or hour extensions.

I thought this is what being freelance is all about, working today goodbye & get lost tomorrow. It's been going on in CH for years, nothing new in my area of business.