British Airways boss Willie Walsh will work without pay through July as he attempts to restore the carrier to profit following a £400 million annual loss announced today.

Walsh and BA finance director Keith Williams will work unpaid while asking staff to consider taking unpaid leave or working part-time. Walsh said: “This is no stunt. I do not easily give up anything I have earned.”

BA remains in talks with unions on changes to pay and productivity after overseeing the loss of more than 2,500 jobs in the past year.

The BA chief executive said: “I want everyone to consider these options. Personally, I do not want extra leave or to work part-time. But I certainly want to make a contribution.”

The move by Walsh and Williams will save BA almost £100,000, with the BA chief executive on an annual salary of £735,000 and the financial director on £440,000.

BA revealed a loss of £401 million for the financial year to the end of March, with an operating loss of £201 million. This followed a profit of £922 million a year earlier.