You might as well say "OH MY GOD, I'LL BE £100,000 A YEAR WORSE OFF!! based on assumption of an RPI + 30% pay rise each year
Global financial conditions aside, the introduction of the RPI+0.5% cap will lead directly to a situation where all future pay deals are based on not exceeding that amount. Anything extra is more likely to be dished out as one-off bungs in return for effiencies/cost-cutting/headcount reduction.
So, as much as I'm against accepting the deal... the figures people are coming out with after using the modeller are unrealistic to say the least. That is not to say either that the mere introduction of a cap isn't a negative move. It is... and I don't like it.