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ACT leader Jamie Whyte supports Reserve Bank Governor

ACT leader Jamie Whyte supports Reserve Bank Governor

ACT Leader Jamie Whyte strongly supports the Reserve Bank Governor's decision to raise interest rates.

"All party leaders should be supporting the independence of the Reserve Bank Governor. The statements from the leader of the Opposition are reckless and self serving. The statements from the Greens and New Zealand First are dangerous," said Dr Whyte.

"If Labour were to implement its present election promises, interest rates would have to rise further. Every economically literate person in New Zealand knows that if the country wants to avoid damaging inflation then interest rates need to rise.

"I have spent the last ten years as a consultant working to correct the wreckage of the Global Financial Crisis. Part of the reason for the crisis has been politicans refusing to back strong independent Reserve Banks. Countries that have tried to impliment the policies of New Zealand First and the Greens have ended up in a mess - like Greece.

"ACT strongly supports an independent Reserve Bank. We believe it would be helpful if the Minister of Finance Bill English came out strongly and not only supported the Bank's independence, but also said what we all know to be true - that this rise is needed.

"Having politicans fix interest rates is a road to economic chaos. In election year it is important party leaders show some courage and tell the truth that the Reserve Bank is without doubt correct to raise interest rates, and more rises are inevitable.

"It is also worth pointing out that for every borrower there is a saver. The decision to raise interest rates benefits even borrowers and exporters because no-one wins from runaway inflation."

Ends

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