The BBC hosted a meeting this week for all its talent and informed them that massive pay cuts were on the horizon.

More than 100 guests turned up for the meeting, where BBC director-general Mark Thompson made a speech saying they could expect to see salary cuts of up to 50 per cent to help cope with the credit crunch.

A source told The Mirror:

“Some of the guests thought it was a get-together over champagne and canapés but it left many feeling they had been to a bloodbath.

“It was very downbeat. Basically anyone on screen earning over £100,000 is looking at a massive pay cut – five per cent minimum with some deals being halved.”

The source added: “Mark Thompson made a long speech about the difficult situation the BBC was in and read out a lot of figures that not everyone in the audience kept up with. He was trying to justify and explain why people are going to face really tough negotiations.

“It was a grim speech and many people in the room were shocked at how far the cuts will go.”

So is this the point where we see a mass exodus from the Beeb, or given that other Uk channels such as ITV are in just as dire a position, will people stay where they are or like James Nesbitt try to make a break in America?