English’s cunning plan: Get Mum and Dad investors to fund tax cuts for his wealthy mates

Mum and Dad Kiwi investors already own KiwiBank and other state assets, but Finance Minister Bill English wants them to shell out again so that he can fund the tax cuts for the wealthy, says Labour SOE spokesperson Clayton Cosgrove.

“Bill English is at it again. He says he believes there will be a strong demand among mums and dads ‘for a Kiwi investment model and if we put product into the market people would buy it’,” Clayton Cosgrove said.

“He puts up KiwiBank as the prime example, but the fact is that Kiwi Mums and Dads already own KiwiBank through something called taxation.

“They will see through Mr English’s motives in saying that National is thinking about giving Kiwis the chance to buy KiwiBank all over again.

“The reality is that if part of KiwiBank goes up for sale, it won’t be Kiwi Mum and Dad investors who buy shares,” Clayton Cosgrove said.

“It will be large foreign institutions who want to grab a slice of this popular and growing young bank that is actually owned by Kiwis.

“Mr English has used up all the cash he can easily lay his hands on to pay for tax cuts for the wealthy, and he is borrowing to find more,” Clayton Cosgrove said.

“The only other avenue left to him is to sell state owned assets. The problem for Kiwis is that you can only sell a state owned asset once before it loses its unique status. As soon as large foreign institutions get their hands on KiwiBank, the bank as we know it and love it will be no more.”

ENDS

© Scoop Media