Bill English MP
National Party Finance Spokesman

8 May 2007

National to oppose futile monetary ‘talkfest’

National will not support Michael Cullen’s request for the Finance and Expenditure Select Committee to do an inquiry into monetary policy, says National Party Finance spokesman Bill English.

“We won’t support a futile talkfest. When an inquiry was suggested we said it might work if the inquiry would lead to quick, effective policy decisions to reduce pressure on interest rates and exporters.

“However, Dr Cullen has clearly signalled he won’t contemplate any policy changes, like slowing the growth of government spending.

“In the past six years, the Government has conducted two thorough reviews on monetary policy by world class experts. Both reviews have concluded that New Zealand’s framework is best practise.

“Dr Cullen has also had the benefit of eight years of advice from Treasury and the Reserve Bank and he hasn’t argued for one single proposition for change to monetary policy.

“It’s time for Labour to take responsibility for the high debt, high interest rate low growth economy they have created during eight years of complacency.”

ENDS

© Scoop Media