Thanks everyone for their advice.
I have an update.
Long story short, I had a meeting with my manager, agrees my new role is a big step up in terms of knowledge and responsibility and that he now sees me as independent and capable but suggested I should be happy enough with the development opportunity and exposure. He stated salaries are frozen for the short to medium term and there are no formal processes within the team regarding salaries. He did mention that at some point he wants to introduce a formal review process and grading system and suggested that the bottom of this grading system would be higher than my current salary and so I can expect a raise then.
So yeah, not the outcome I was hoping for and feel completely unmotivated, funny thing is, is that on Monday he told me that I should start assigning myself a specific type of technical support call from another team so I can start learning a new niche area of the business, whilst this is a good opportunity, the knowledge is only really specific to the company and at the moment, I don't feel like pushing or stretching myself any further, especially if the knowledge is only useful if you work for the company.
I'll be updating my CV, talking to agencies, looking at job sites etc to see if I can find something else, even for the same or slightly less salary wise as I'm not happy with the situation, maybe I should have spoke up from the beginning, but like I said, I was basically given 2 days warning I'd be moving teams and at the time was eager to learn more, and whilst grateful for the opportunity, I think it's off that I wasn't paid more to begin with and especially now, despite the business not doing quite so well.