Reuters journalists in Britain called off plans for their first strike in more than 25 years after accepting a revised pay offer from parent company Thomson Reuters on Wednesday, Feb 8, the agency said.

London-based members of the National Union of Journalists (NUJ) voted to accept the 3 percent pay increase offered by the company with a raise of at least 2.5 percent guaranteed for all journalists and the rest dependent on individual performance.

Union members had rejected an offer of a minimum 1.75 percent increase and had called on about 150 staff to strike on Thursday and Friday. British retail prices rose 4.8 percent last year, among the highest inflation rates in Western Europe.

"The settlement redefines the relationship between the NUJ and the Company and puts us on track to work constructively on urgent issues of pay transparency and a new house agreement," said union officers Mike Roddy and Helen Long in a statement.

Stephen Adler, Editor-in-Chief of Reuters News, welcomed the agreement to avert a strike.

"I'm especially heartened that everyone involved worked so hard to reach an agreement that enables us to keep publishing the outstanding journalism our customers rely on in London and around the world," he said from the company's New York headquarters.

Reuters has 2,800 journalists, most working outside Britain.