CM, I know quite a few former colleagues how have been "red-ringed" as CC. Would you expect them to take a pay cut ? I also know quite a few off the FD, and I wouldn't expect them to take a paycut either.
The entire airline is in a complete financial mess, and trying to alienate a large sector of your staff seems to be quite idiotic.
Many years ago BA was well-known for it's excellence in all areas, mostly because they paid the most, and hence got the best staff. I do not see the logic in changing that, erm logic. Yes times are hard, but why cost cut when it means a lowering of standards ????