Bill English MP
National Party Finance Spokesman

3 November 2008

Labour guesstimates on spending a disgrace

“Policy papers released by Helen Clark confirm that Labour is taking a wild stab in the dark with the promises it is making during the election campaign,” says National Party Finance spokesman Bill English.

“The papers confirm Labour has no clue what impact their 30-or-so uncosted policies announced since the opening of the books would have on the country's finances.

“We know from the PREFU that Treasury is already forecasting a decade of operating deficits and a big increase in government debt. Kiwis need to know how much worse Labour's policies would make things.”

All Labour’s papers say is that ‘the size of the [Labour’s] package will be finalised in December’.

“That’s just a month away. Labour’s been spending like drunken sailors, and they can’t tell us what their spending is doing to debt or the deficit.

“They’re asking New Zealanders to write them the biggest blank cheque in our political history. New Zealanders deserve to know before the election how Labour would spend their taxes after it.”

Mr English says any December mini-Budget from Labour would contain news that the second set of Labour’s promised tax cuts in 2010 would be cancelled.

“National has released a fully-funded and costed tax plan, which kicks in sooner. It compliments our strategy to bring forward growth-enhancing infrastructure investment, and our transitional relief package which will help those most in need should they lose their job.

“National is making substantial investments in education so that more of our children have a chance to climb the ladder of opportunity.

“National has a growth plan, Labour has a spending plan – and they can’t even tell us how much they’re spending.”

ENDS

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