I'm looking at this question: Employer made me redundant, then retracted the notice after realising that I'm about to start on a new project
I can see the top two answers suggesting leveraging the situation to try to be re-employed with a pay raise.
I also note the OP has said:
What's the best course of action for me? I'm still early on in my career and while I have confidence in my ability to get another job, being so close to Christmas I'm unsure of my chances.
They are clearly unsure if they'll be able to get another job in the short term if they do become unemployed.
Regardless of this, the top answers propose a risky strategy without understanding the exact situation the OP finds themselves in, and without warning of consequences. It seems there was an assumption the OP was happy to lose their job. One answer even suggests trying to get an extortionate pay rise of 2x to 2.5x?! Upvoted 21 times, downvoted once...
An comment by the OP on the other top answer:
Given the result of my conversation with my manager it seems like i don't have massive leverage and management would rather have the rest of the team working at 125% to cover me then to give me a raise. That's at least the jist of what i got from the meeting.
Hopefully going forward we can be a bit more measured in our advice.
And let's hope the OP can find another job soon.