Company cuts employee wages by an average of 8% to remain competitive in downturn

Board members at consultant Currie & Brown are to take a 25% pay cut as part of a package of salary reductions designed to combat the recession.

In a letter sent to staff today, the firm said the cuts would affect all employees earning more than £20,000 on a sliding scale. The changes will come in on 1 April.

The average reduction will be around 8% but the group board has agreed to chop earnings by a quarter.

The firm blamed the move on demand from clients to cut fees amid the “challenging” economic environment.

Chief executive Euan McEwan said: “Currie & Brown must remain competitive, in an environment where clients are demanding significant cost reductions and efficiencies from suppliers, including ourselves, as a condition of continuing to do business with them. This we simply cannot ignore.

“We are endeavouring to safeguard as many jobs as possible in Currie & Brown as we manage our way through these unprecedented times.”

Last month rival consultant Gleeds announced it would cut pay across the board by up to 12.5%.

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