i'm a software engineer and have been for almost 10 years. in my opinion, there are ALWAYS jobs available if you're the best there is at what you do, recession or no recession, in canada, the states, the uk, wherever.
if you could ace a hardcore java technical exam, demonstrate an expert-level understanding of peoplesoft, have say 5+ years relevant experience, and at least an undergrad comp sci degree from a respectable university, you *should* be able to find something, in my opinion.
my advice would be to seriously evaluate how you think you would fare in a competitive job market. if you think you're at the top of your game and can prove it in an interview with a technical evaluation, then go for it! otherwise, maybe wait a year when things get a bit better.
you could try to get a
uk company to hire you prior to arrival and sort out your visa, but that only happens if some uk company desperately wants you. honestly, that is highly unlikely, unless you've got some extrememly rare skill set or experience that few people on the planet have.