A voluntary 30% reduction in base salary and pension has also been agreed for the duration of the government-imposed lockdown.

The measures were taken in light of last week’s temporary closure of all show homes, sales centres and construction sites.

The 2% annual salary increase was due to come into effect on April 1. There will also be no cash bonus payable in respect of the company’s performance in 2020.

The voluntary salary reduction will be reviewed, should the lockdown continue beyond 30 June.

Taylor Wimpey said: “The decision to take a reduction in base salary is supported by the whole board and therefore the non-executive directors will also take a 30% reduction in their fees for the same period of time. The objective of these changes is to conserve cash, with a particular focus on protecting the long term financial security of the business as a whole, for the benefit of all of the company’s stakeholders.

“The committee is not proposing any amendments to the remuneration policy which has been submitted to shareholders for approval at the company’s Annual General Meeting on 23 April 2020.”

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