Media Release
11 July 2005

Labour And National Consign Us To Being Slaves In Our Own Land

Labour’s and National’s failed experiment of hocking-off our assets and companies into foreign ownership is destined to continue us down a low wage and economically enslavened path, says Rt Hon Winston Peters.

Mr Peters was responding to a report by New Zealand Stock Exchange’s Chief Executive, Mark Weldon, which said majority stakes in New Zealand’s largest companies are likely to fall into foreign ownership.

“Both Labour and National have been holding neon signs up to the rest of the world saying ‘come and exploit us, we will make it as easy and cheap for you as possible’.

“The results are now plain to see. Our wages are not keeping pace and our brightest and best are leaving in droves.

“More and more of our land, assets and companies are foreign owned and huge multi-billion dollar dividends are leaving our economy. Now our Current Account Deficit is the largest it has ever been at $10 billion and has reached epidemic proportions.

“We simply cannot allow our economic destiny to be decided in the boardrooms of foreign capitals. They don’t care about our future, only about what they can drain from us.

“Sadly, Labour and National have made this all too easy for them.

“Only one party in parliament has the policies to correct this huge economic imbalance, including the solution put forward by Mr Weldon, increased domestic savings.

“For New Zealanders concerned about our economic future, New Zealand First is their only choice for change,” said Mr Peters.

ENDS

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