Contract v Permanent Job

Would anyone have any advice.. I currently hold a contract that will last another two years in education (public sector) and I have just been offered a similar role as a permanent post in the UK but at half the salary...

What would you do if you had this choice - should I hold out with the contract in the hope that there is an extension in a couple of years or go for the safer but lesser paid option but in an area where the rent is much cheaper than Dublin.

Well firstly id say where do you want to live and where do you see yourself settling? If you see yourself in the uk longterm there then thats a different matter.

If it were me id be inclined to stay put if I had a life built here. Having guaranteed work at a decent salary for the next two years is a good position to be in and most likely the worst two years of the downturn.

If I had my life over I'd do the same things earlier. 1. Get the highest level of education/research untill you've had enough. 2. Except temporarily, live in the country you would feel most comfortable in. If under 35, working abroad might be educational or experiential. 3. The job situation will change and a two year horizon seems reasonable. 4. The education profession in UK is not respected. 5. Personally I found Canada, US, UK not conducive to my philosophy of life. 6. Consider a bit of private business (development) on the side to be prepared to ride out a rough spot or change direction (working for yourself will mean that any pain is much more controllable and you are likely to get paid for it) 7. My experience in education shows that if you have an idiot (or poorly educated, lazy or unimaginative boss the reward is not worth the pain endured.

If you have a 2year contract, and don't really wan't to move, stay. As you said there is the possibility of a second contract at the end of it, after which you should be offered a CID (contract of indefinate duration). At the end of 2years , and another contract is not offered, maybe then look to England.
If you choose to work in England, stay away from inner city London schools, pay is higher, but a nightmare to work in, and a high turnaround of teachers. Pay in England, starts low, but you can move up the payscale very quickly. A work colleague, who joined us last year after 6 years in England, claims he is on the same salary as he was in th UK.