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Borrowing to cut taxes “reckless”

30 August 2005

Borrowing to cut taxes “reckless”

Prime Minister Helen Clark has today unveiled one of Labour’s three new election billboards.

The billboards continue Labour’s campaign to demonstrate the folly of National’s reckless, across-the-board tax cuts.

The billboards read:

- Borrowing to pay for tax cuts is just crazy
- Selling NZ assets to pay for tax cuts is just crazy
- Cutting health and education to pay for tax cuts is just crazy

Helen Clark said National intends to spend $7 billion more on tax cuts than Labour has planned for family tax relief over the next four years.

“National’s own releases show they are prepared to borrow $3.5 billion in order to achieve this, which leaves them another $3.5 billion to find from cuts.

“This is reckless – and Labour is spelling out the consequences.

“It is time National owned up to these consequences. Their policy would put the country into debt, lead to higher mortgage interest rates, and damage spending on essential services like health and education.

“National has to spell out for the public where they would find $3.5 billion worth of cuts,” Helen Clark said.

ENDS


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