Bill English MP National Party Finance Spokesman

14 March 2008

'Fast-forward' fund - all show, no pony

National Party Finance spokesman Bill English says a day after National revealed the real payouts from the so-called fast-forward fund would be less than half of what was promised, Labour has confirmed it's even worse than that.

"Labour has today confirmed the fund is likely to provide only $20 million for research in its first year, a far cry from the $85 to $100 million promised by Helen Clark.

"In a cynical attempt to grab a headline, Labour inflated the benefits of the fund to make the numbers look big. Jim Anderton has today confirmed almost nothing is certain.**

"Labour presented the public with an heroic best case scenario, such as today's definitive claim that 'two thousand million dollars' would be spent over the lifetime of this fund, including the 'thousand million' which industry will stump up with. Labour is treating the public and industry as if they are stupid."

Mr English says National will make long-term funding commitments to science, research and development which provide certainty to the sector.

"As National revealed yesterday, if Labour tries to deliver on its promise of $85 to $100 million a year, the fund would expire before year 10. The only way they could stretch it out to last the promised 15 years is to halve the Government payments.

"This does not provide certainty to the sector at all. If this policy was subject the advertising standards complaints process, Labour would be guilty of false advertising."

ENDS

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