Harry,
Been there, had it done to me, and what could I do about it.....the square root of FA. Similarly, my current employer has told us, "Sorry , no pay rise, cut back on allowances", and what can I do about it? See above
And what do BALPA say? Hey keep calm guys, lucky to have jobs etc etc.
My point is just that, you are only as valuable as the guy who walks in the door and offers to do your job for less. Same is true for all jobs, and the sooner we get to grips with this the better.