IT has always been almost uniquely vulnerable competition from emerging markets. Only call centers and some parts of finance are similarly vulnerable.
Think about it, the only thing you need to start is a relatively low outlay on computers, an off the shelf broadband infrastructure, and skilled workers.
The skilled workers take about 5 years to make - educate abroad, some initial experience, then tempt back with high living standards and familiarity,
Most emerging countries have for years paid for their brightest and increasingly the less bright to be educated abroad, then given them everything from tax breaks to legal immunity to come back, after a bit of work.
Excluding work that has to stay in the commissioning country (e.g. defense), why would you want to pay UK salaries for coal face IT workers? Business process experts and other customer facing roles maybe, but a lot of the work can just be shipped. And if your shipping abroad, what difference between you and a native company?
The only straw left to fall is intellectual property protection, and that will be come as soon as it is advantageous for the host countries economy. China for instance is already instituting a two teered approach to enforcing the rights of forighen and native firms. Guess who wins.