IT in the UK vs. Europe
I've just had my contract extended for another 9 months (I work for a bank.) No job difficulties, here. Actually, my employer is complaining that they can't get enough qualified people like me.
Can't think why (actually, I can.) I think the elephant in the room is a sum of these causes:
a) The dumbing-down of Computer Science study in schools (many schools dropped it entirely) and universities (some made the mistake of teaching Java in place of everything else.) Many CS students graduate from university without even as much ability to write a driver in C or assembly language.
b) The outsourcing of lower-end jobs (one of the first things to go was software engineering, since it could be done anywhere. Then configuration management, and even UNIX admin / app support has gone overseas, too. I know, because I've worked in all these fields.
c) The complete lack of any companies with any willingness to train their staff. Yes, believe it or not, they actually think that training to have a career in IT is free. Pay in the UK often reflects this opinion, too ... although things are better in Europe (however, there are always two or three employers who like to take the proverbial.)
There are still good-quality jobs to be found in Europe (I will agree with Anonymous Coward that IT jobs in the UK are generally pretty abysmal.) However, you'd better be prepared to learn another language if you want to work here - many employers are wising-up to cheap (yet crap) labour taking over from the local, talented workers. Discriminating on race or nationality is illegal, so they simply discriminate on your ability to speak the local lingo. Can't speak Dutch / German / French? Better apply elsewhere, then.