Myleene Klass Accepts a £250,000 Pay Cut From Marks & Spencer

This is not just a pay cut. This is an M&S pay cut. Myleene Klass has hung on to her modelling contract with Marks & Spencer - but only by accepting a reduction in her wages from £1million to £750,000.It comes just four months after the retailer made 1,230 staff redundant as it battles the effects of the credit crunch.Twiggy has also kept her job appearing in the company's commercials, and will soon feature in adverts celebrating Marks & Spencer's 125th anniversary.

However, other high-profile models were not so lucky.There are no plans for Elizabeth Jagger, Noemie Lenoir, Erin O'Connor or Lily Cole to resume their roles in adverts - at least for the time being.A source close to Miss Klass said: 'She is absolutely fine with the pay cut because, like the rest of the country, she accepts that everyone gets less money.

'It is a great endorsement that she has signed up. The days of million-pound deals are out of the window.'She is delighted to be re-signed. It is a huge honour to work for M&S and she can't wait to start filming the new adverts.'Miss Klass, 31, also holds several other lucrative modelling and TV presenting contracts, which should help to soften the blow.