Nearly two-thirds of firms trading in Ireland have been forced to reduce staff numbers and/or implement salary cuts in recent months, according to a survey of company directors.
The online survey of more than 400 directors, released today by the Institute of Directors in Ireland, found 64 per cent of companies had been impacted by restrictions on accessing finance for businesses.
Some 67 per cent of directors said they did not believe the Government would adequately address the issue of public spending.
However, the survey was conducted prior to the publication last month of the An Bord Snip Nua report which recommended annual cuts in public expenditure totalling €5.3 billion.
The institute’s chief executive, Maura Quinn, said: “The views of our members clearly indicate the difficulties experienced across our membership, where salary cuts and job losses have been prevalent.
“Add to this, the perceived restrictions on accessing credit, which have further exacerbated the difficult trading conditions,” she said.