Davy says Irish economy is in a painful recession; Calls for a pay freeze in return for tax rebates
Sep 1st, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Davy, Ireland's biggest broker, said at the weekend that the Irish economy is in a painful recession, yet that fact seems to be lost on unions and policy-makers alike. It says talk of re-starting national wage negotiations is a side-show. A deal – which would ultimately mean a healthy increase in pay mainly for the public sector – is both unaffordable and anachronistic. The broker calls for a pay freeze in return for tax rebates.