Myleene Klass 'hit by M&S pay cut'

Myleene Klass has accepted a pay cut after renewing her modelling contract with Marks & Spencer, it has been claimed.

According to the Daily Mail, the former I'm A Celebrity star had been paid £1 million to appear in the retailer's commercials but will now receive £750,000.

M&S has been making a series of cutbacks due to the credit crunch in recent months, including making 1,230 staff redundant.

A source revealed: "[Myleene] 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."

Meanwhile, Twiggy has also renewed her contract with the company - but Elizabeth Jagger, Noemie Lenoir, Erin O'Connor and Lily Cole have reportedly been axed for financial reasons.

An M&S spokesperson confirmed: "Myleene has re-signed and we will still be working with Twiggy, who will be in adverts celebrating M&S's 125th birthday.

"As far as the other models go, we have an ongoing relationship with them but they have not currently been signed up for anything definite."