You're right, I'm mis-remembering the ordering of events. The strike I'm talking about was in 2006 and pre-dated the tripling of the fee cap. They got a ~15% increase for everyone in the entire sector, including non-academic staff. Then they started to plead poverty and demanding a rise in the price cap, even as the great recession was ravaging the economy.

https://www.theguardian.com/uk/2006/jun/06/lecturerspay.high...

I do seem to have recalled correctly that they claimed at the time very few universities would actually raise prices.

Your university source picks the time period for their "pay cut in real terms" starting immediately after they got a big pay rise phased in over two years. I learned at the time that the way unions calculate things like cost of living and "real terms" isn't always what you'd expect, though this was coming up on 20 years ago so I forgot the exact details of what they were doing. At least back then it wasn't just inflation. I do remember being pretty disgusted at their strike tactics and especially at the fact that universities continued to pay them, even as they refused to do their jobs.