When I joined the company I had the option to be an employee or contractor for the same job role. The reason I didn’t go the contractor route myself was the terms and conditions met every requirement of IR35.
The contractors work exclusively for the company and are prevented from proving the same service to anyone else. The company dictates how and when the work will be carried out, not the contractor.
Whatever happens it appears to be time too move on. I have applied for several jobs, In the process of starting my own company for consultancy work and shall be speaking to an employment law solicitor in the morning, so I have a number of options covered.