Why don't you actually talk to some IT contractors and find out how much they're paid? 'cause frankly I seriously doubt there are many earning that level. Most will be between the £300-£400 mark per day, see
As a highly qualified, and in demand Electronics Engineer (there's a shortage of us in the UK), not even I earn as much as £500 a day, nevermind £700 a day!
You also didn't add in corporation tax (20%), PAYE (yes, most contractors DO pay this, myself included). Add in some travel and lodging expenses (a lot of contractors like myself go where the work is, and that means local accomodation during the week and long drives at the weekend). So if they're doing well, they might net between £50k and £70k per year, assuming they work all year around. Take away pension contributions, healthcare, professional indemnity insurance, end of year accounts and tax returns, etc etc etc, then I think you'll find contractors are not the extreme high earners that you make them out to be
Please get your facts straight before posting stuff like that, you only reinforce the misconception that we contractors are earling loads'a'lolly... though we would if we could!! :-)