Traditionally, incomes policies held for a year or two and then fell apart. We all know what happened in 1978-79. This time, public sector workers will ask why they should be forced to carry the can for an economic downturn that resulted from the greed and stupidity of highly paid financiers, none of whom will be forced to take a pay cut.
Financiers won\’t be forced to take a pay cut? When banks are laying off swathes of their staff? When bonuses won\’t be paid at all, let alone at their previous high rates? Or does a 50%, even 100% cut in income not mean a pay cut in your world?