North West matches London for ‘elite’ contractor earnings

Nick Elvin

North west England is home to as many of the UK’s highest-paid contractors and freelancers as London, new figures suggest.

Contractor employment services provider Parasol has revealed that 13 of its current 50 top earners are based in the North West, making the region the main hotspot for ‘elite’ flexible workers outside the capital.

London also accounted for 13 of the firm’s 50 highest-paid contractor employees, with a further eight living in the Midlands.

Parasol managing director, Derek Kelly said: “These figures are evidence of the North West’s impressive skills base.

“The region is home to some of the country’s most talented and in-demand contingent professionals across sectors such as IT, finance, telecoms and engineering.

“Long-held concerns over top talent migrating south could, on this evidence, soon become a thing of the past. Ambitious individuals may simply need to move away from ‘traditional’ permanent employment and embrace contracting in order to fulfil their earning potential.”

Parasol’s analysis also suggests that contractors and freelancers aged 45-54 are most likely to be able to command a high assignment rate. Indeed, 20 (or 40%) of the company’s 50 top-earning contractor employees are in this age bracket – more than any other.

Pay rates earned by the company’s 50 ‘elite’ contractors range from £40 to £100 per hour. IT professionals with niche skills, such as web developers, dominate the list. In terms of a gender breakdown, eight women are featured.

Kelly added: “Our analysis suggests that contractors’ earning power follows a similar pattern to that of permanent workers. In both cases, most professionals reach the peak of their earning power in their late 40s.”