Indignant premier observed to utter old-fashioned exclamation (4)

I believe the answer is:

isay

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'utter old-fashioned exclamation' is the definition.
I know nothing about this answer so I cannot judge whether this works.

'indignant premier observed' is the wordplay.
'premier' indicates taking the first letters.
'observed' becomes 'say' (I can't justify this - if you can you should believe this answer much more).
The initial letter of 'indignant' is 'i'.
'i'+'say'='ISAY'

'to' is the link.

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I've seen this clue in The Irish Times.

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