Bill English MP
National Party Finance Spokesman

16 October 2008

Question for Clark: Where is it coming from?

"It's another day, there's another big spending promise from Helen Clark, but there's still no clues as to where all the money is coming from."

National Party Finance spokesman Bill English says Helen Clark is writing cheques that she simply cannot cash.

"Today, we've got a reheated commitment to a fund, which Labour promised the Greens at the last minute in return for their support of the flawed Emissions Trading Scheme. That billion dollar fund was nowhere to be found in the pre-election opening of the books, which already showed a decade of deficits and Government borrowing ramping up by some 50%.

"So just today, we're another billion dollars in the red. Labour is reckless. They are big on making promises, but there is no detail on how any of it will be paid for.

"A mini-Budget after the election to explain it doesn't add up. It is no solution at all. New Zealanders need to know how much damage Labour is prepared to do to our economy in its desperate attempts to get Helen Clark a fourth term."

Mr English says Labour's claim that the money is coming from the profits of state owned electricity providers is curious.

"Because we've previously been told that all those profits were essential for Labour to fund renewable power generation.*

"Where' the money coming from Helen? Show us before the election, not after it."

Mr English says National has committed $15 million a year to home insulation for state housing and announced $35 million for an upgraded solar water heating scheme.

"National believes that better insulation and more solar water heating is important. Our policy is costed and deliverable. Labour's is neither. We have pledged to work with local councils to provide financial assistance to help low income households convert to clean heating to improve their insulation, and committed $10 million to it.

"Helen Clark is plucking figures out of thin air, she has no idea where the money would come from."

*In May, Michael Cullen told Parliament: 'the State-owned enterprises that are anticipating increased profits have already planned to use those increased profits as part of their investment programme in renewable energy production, and that without that increased investment there is not the slightest prospect of meeting our targets'.

ENDS

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