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SENIOR lecturing staff at NESCOT, Epsom's further and higher education college (formerly North East Surrey College of Technology) are threatening to strike after being told they must take a Pounds 5,000 a year pay cut or face the sack. All 60 senior lecturing staff have been told to go unless they accept demotion to lecturer grade, with an accompanying drop in salary. The proposal is part of efforts to solve a funding crisis of nearly Pounds 500,000 at the college by principal Hilary Cowell, who was appointed last September.