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Interest Rate Hike Shows Anderton A King Canute

Interest Rate Hike Beaches Anderton Like King Canute

“The Reserve Bank’s decision today to lift the Official Cash Rate by 0.5 percent shows up Jim Anderton’s impotence against economic reality,” said Rodney Hide.

“Jim Anderton campaigned vociferously against the Reserve Bank in Opposition and has continued his attacks even while in government. And yet during his time as Deputy Prime Minister and Minister of Economic Development interests rate have hiked 32 percent.

“When Jim Anderton received his Ministerial warrant on 10 December, the interest rate for 90-day Government bills was 5.15 percent. The interest rate is now 6.82.

“The Reserve Bank is independent and must remain so. Jim Anderton should stop his embarrassing posturing and start listening to what business needs to provide jobs and growth.

“Jim Anderton has been as successful at keeping interest rates down as he has at keeping petrol prices down.

“The Deputy Prime should stop his King Canute performances. They make the New Zealand government look a joke to investors,” concluded Rodney Hide.

ENDS

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