Sir, - Amusing though the concept may be, I am afraid that neither I nor any other economist that I know has advocated a Government hand-out to all. The proposal that I did make for the new national agreement (reported on the front page of The Irish Times November 11th) is not for any government hand-out. Instead, I believe that the wage package to be agreed could be structured to include a significant lump-sum one-off element. This would provide a mechanism for enabling employees to share in the current prosperity without threatening their future competitiveness within the EMU.
I certainly would not be in favour of a Government payment to all. Indeed, I have been arguing that the Government should be building up a reserve fund for the future, something that will require continuing surpluses, not handouts. - Yours, etc., Dr Patrick Honohan,
Cowper Gardens, Dublin 6.