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Would you settle for a salary lower than your last drawn or current salary?

The HR of a potential employer asked me if I can come down on my salary expectations.
My last drawn salary is a little over 5000 pounds or approx 7000 USD a month and she wanted me to settle for 20% lower than that.

Would you do that?
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Is the job for the same type of role and level of responsibility? If so, a 20% reduction doesn't sound competitive. Without knowing anything else (benefits, growth potential, etc.) I'd say no.
SW-User
@BizSuitStacy Yes, it's for the same profile but in fact for a higher position. No idea has been given on succession planning.
@SW-User I think you already know the answer then. Don't sell yourself short.