Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Government Picking Losers With Taxpayer Funded R&D Grants

Government Picking Losers With Taxpayer Funded R&D Grants


16 JANUARY 2014
FOR IMMEDIATE RELEASE

The Taxpayers’ Union is slamming ‘research and development’ grants announced yesterday by Science and Innovation Minister Steven Joyce costing taxpayers $140million over three years.

One the of recipients of the grants is high profile technology firm Rakon, which share price has been in free-fall since 2007 and today announced it is closing its UK plant.

“The government shouldn’t be trying to pick winners with taxpayer cash,” says Executive Director, Jordan Williams. “In the case of Rakon, why is the government throwing money at a firm thats share price has been tumbling for years?”

In 2007 Rakon’s share price reached $5.70. Today it is trading at less than 4 per cent of that, at around 19cents. In addition, the Shareholders Association and others have criticised the governance of the company.

“If the government is going to give out taxpayer money, at least give it to companies that are succeeding, not failing.”

“This is a grant to a company that is shrinking rather than growing New Zealand exports. It stinks of corporate welfare,” concludes Mr Williams.

More information is available at www.taxpayers.org.nz.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Water, Pests, Erosion...: Commissioner Releases Mixed Report Card On Environment

The Parliamentary Commissioner for the Environment has released a mixed report card in her assessment of the state of New Zealand’s environment. “We are lucky to live in an exceptionally beautiful country, but we have some big issues to face up to” said Dr Jan Wright. More>>

ALSO:

Education: Private Schools Beneficiaries Of Extra Cash

“Not only did this year’s Budget freeze operational funding for state schools, but 86 per cent of secondary school principals say they don’t get enough funding, and the demand for school donations from parents is rising at 10 times the rate of inflation... Now we’ve got Hekia Parata proposing more cash for private schools." More>>

ALSO:

Shop Hours Bill Second Reading: Government Blocks Easter Trading Petition

The union representing retail workers is warning that the Government is out of touch with working people after passing the second reading of the Shop Trading Hours Amendment Bill, a law handing local authorities the power to permit trading on Easter Sunday. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news