The financial sector will pay up to 25% more than other sectors for digital IT contractors, leading to a potential exodus into the sector, according to a new report from IT recruiter JM Digital.

This is despite the report suggesting that contractor rates in banks have fallen over the last six months – although the report adds that this has been the same across all sectors.

The contract roles currently paying the highest wages include user experience designers and visual designers.

Dave Pye, chief executive of the JM Group, says: “Over the last six months we’ve seen a crossover of digital contractors moving from agencies into the financial sector.

“This has been a real issue for companies which are unable to compete with the rates these banks are offering.”