Govt loan rates attacked
PA Auckland Higher interest rates for Government loans, announced recently, will mean more unemployment and less investment, says the Deputy Leader of the Opposition (Mr Tizard). Speaking in Auckland, Mr Tizard also accused the Government of deliberately timing the announcement of the new interest rates to coincide with a long week-end. “Presumably, the aim of this move is to minimise the volume of informed criticism that such financial manoeuvres should stir up,” he said. The new Government loan was announced on Friday night by the Prime Minister (Mr Muldoon). It offers interest rates of up to 13 per cent.
Mr Tizard said the rates being offered by the Government would strangle the private sector. The Government waa now trying to control the money supply, yet only last year the money supply was left free as a wav of keeping unemployment down.
“In the hands of an irresponsible manager, co-called orthodox finance is heading the country into a disaster,” Mr Tizard said.
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Press, 18 April 1979, Page 18
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165Govt loan rates attacked Press, 18 April 1979, Page 18
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