IT: Perm vs Contract - which is more lucrative in long term

HI all,

I am in UK on hsmp..And am looking for job now.. My biggest question now is should I go into contracting or look for permanent jobs.

Can someone please list the pros and cons of each of these jobs and any pointers in terms of which is more beneficial in long term.

Thanks,
Mayhsmp

w/o doubt go for a permanent, though contract looks good but it is good if it is long term else not.

Further to get HSMP renewed it is good to have a perm job because it is easy to provide evidence, Contract jobs dont provide proper salary slips and bank transaction etc is difficult.