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Government Should Let Solid Energy Fail

Government Should Let Solid Energy Fail

The Taxpayers’ Union is welcoming the Prime Minister’s u-turn on Solid Energy, after he indicated at today's Post-Cabinet briefing that it was up to the banks as to whether the company went into liquidation. Taxpayers’ Union Executive Director, Jordan Williams, says:

“As recently as six months ago, John Key was entertaining the idea of even more taxpayer money being given to Solid Energy. Taxpayers will be relieved to learn that the Government has hardened its resolve and is leaving the company to decide its own fate.”

“In Budget 2012/13 taxpayers stumped up $195 million to support this flailing venture. It is a small consolation that the Prime Minister has ruled out further subsidies.”

“Irrespective of whether a company is owned by the government, privately or as a mixed ownership enterprise, taxpayers should not be footing the bill for enterprises that can no longer support themselves.”

More information about corporate welfare can be found in reports by the Taxpayers Union,Monopoly Money and Any New Kids At The Trough?

ENDS


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