Talk of industrial action has been just that for a loooong time, and management are taking full advantage of your inability to negotiate.
Management have no interest in what is fair or reasonable. It is merely what they can get away with, and you need to take the same approach. The latest example of talk of redundancies is just that, and reflects a real bully-boy approach.
It is very simple now - you put to them your list of requirements and reach agreement within 48 hours, or go down the strike option.