Stock market chaos set to have impact on pay talks
18/03/2008 - 07:53:59Ongoing chaos on international money markets could have serious implications for the forthcoming talks on a new national pay deal.
Economic turbulence originating in the US caused significant falls on stock markets across the world yesterday and pushed Sterling and the dollar to new lows against the euro.
The growing strength of the euro makes Irish exports more expensive internationally and could lead to job losses and falling tax revenues.
However, with inflation hovering at almost 5%, trade unions and employers are expected to engage in a major battle over calls for pay restraint to protect Irish competitiveness.
