Contract to permanent offer is a decreased hourly rate. What do I do?

Stressed & in desperate need of some advice! I have been working a maternity cover position, and she’s decided not to come back. Alas, I have been offered the job. I really like the company, and my feedback over the course of the year from my manager has been very positive.
I have been doing my predecessors full time job in part time hours and now those hours are increasing, however the salary they have offered me does not match the hourly wage I have been on. The salary has gone up but the hourly rate has gone down. What do I do? I was expecting at least a match and even hoping for an increase considering I have saved the company money through my work, & they won’t need to waste money on retraining/ recruiting. Any advice would be amazing, I don’t want to lose the job but I also don’t want to sell myself short. This is a UK job and the cost of living has changed dramatically since I started. Thanks!

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