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Key again accepts tax cuts need big spending cuts

23 May 2005 Media Statement

Key again accepts tax cuts need big spending cuts

Finance Minister Michael Cullen has welcomed John Key’s latest confession that National’s tax cuts would mean spending cuts.

“His statement that “It’s okay for Labour to spend up large, but it’s not okay to give some of that money back” makes sense only if the money had not been spent in the first place.

“The fact is we are budgeting for significant cash deficits averaging $1.9 billion a year from 2007 to 2009. Any new big initiatives, either big spending as promoted by his colleagues, or tax reductions, would have to be paid for by borrowing or cuts in the big spending areas such as health, education, superannuation and law and order.

“National is starting to panic already as they realise they cannot introduce big tax cuts for most workers without the spectre of rising interest rates or cuts to spending,” Dr Cullen said.

ENDS

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