Salaries for IT contractors in the financial services sector are at their highest level in two years, despite uncertainty sparked by the credit crunch.

Hourly rates have gone up by 11 per cent in the past six months ­ leading to pay of between £45 and £50 per hour, according to research by the Association of Technology Staffing Companies (Atsco) and recruitment specialist SkillsMarket.

“We have not seen a dramatic change in employment within IT, but there is nervousness about expenditure which has caused a rise in pay and demand for contract workers,” said Atsco chief executive Ann Swain.

The financial services industry has also seen high demand for positions in risk management, compliance, web services and security.

“Employers do not necessarily want the commitment of permanent staff, so if things go downhill they will take advantage of the flexibility of hiring freelancers,” said Swain.

“Although it is unlikely there will be slashes of permanent workers in the next six months, the second half of the year will be sluggish for IT employment growth.”