IT spend in finance sector gets special treatment

(2 minutes to read)

We all know it’s tough out there at the moment, but according to the latest analysis from Price Waterhouse Coopers (PwC) and the CBI, organisations in Britain’s financial services sector will cut all types of capital spending over the next three months except IT, because IT helps to increase efficiency in other areas. Which is music to the ears of umbrella contractors who specialise in the IT skills market, as they will be well placed to take advantage, for the next few months at least.

The main reason that IT budgets will remain intact appears to be that IT plays a crucial role in ‘eking out efficiency savings for finance sector businesses’. Companies are in effect scaling down their spend on machinery, vehicles, building and land in order to safeguard their IT investment plans. Specifically, the biggest IT spenders over the next three months will be building societies, as many plan to spend more than they did a year ago on applications and systems in a bid to improve their customer relationships. Many of the big finance companies are also saying that they intend to invest more in IT over the coming year in comparison to the previous year. We know from experience that specialists in IT contracting are well used to seizing opportunities whenever they arise, so for the next quarter at least, umbrella IT contractors in the finance sector look set to be lucratively busy!

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