I have been told that the reason for the pay cuts is because Babcock were fined very heavily (somewhere near 50 Million Euros) for dodgy business dealings (creating a cartel) in Italy and are trying to claw back some of the money this way.
Yet whilst cutting the salaries of the people who actually do the dangerous stuff, the management increased their own salaries by a very similar percentage.
Is there no fiscal oversight from authorities in these cases?