I hear what you're saying about loss of potential earnings and agree. However, it irks me slightly that people are stating they have taken a pay cut. No they haven't, the potential earnings have fallen, but they were never at the £29k point anyway,their pay hasn't cut. It's a subtle difference and if we're being honest, how many SACs/Pte do you know who have their life and finances planned out as if they are reliant on that £29k salary? It will make not one bit of difference to the millionaires weekend crew. I know I don't plan ahead for my increments, I live on what I earn here and now, paying my mortgage and running my car. Anything more in future just increases my living & saving budgets.
Needless to say, the forces lose out through the whole thing. Was anyone actually expecting good news from NEM though, seriously?