Don't do it, but start looking for a job straight away, don't leave it another day, you'll only get stuck in the rut you're in and won't leazve. When you leave, your head will be high.

However, bear in mind that if you don't take the option, and get made redundant, you will be in a worse off position when looking for a job. At the end of the day, being made redundant SHOULD have nothing to do with your abilities, etc... unlike being fired, but, a prospective employer will always wonder why YOU were made redundant and not someone else, unless the whole company shut down that is.

No one can tell you what to do I am afraid, the decision as they say is yours.

Good luck, whatever you decide to do.