Bill English MP National Party Finance Spokesman

16 September 2008

No time for reckless spending promises

Further financial instability in world markets will create more uncertainty about a quick recovery from the current recession in New Zealand, says National's Finance spokesman, Bill English.

Mr English is commenting on recent events in the US financial markets.

"These significant events could have negative consequences for our economy through lower commodity prices and less availability of credit.

"At the very least, households face more uncertainty about their economic outlook.

"This election campaign is not a time for reckless promises from desperate governments.

"The reality is the New Zealand economy is currently in recession and fiscal initiatives at this point must be targeted at strengthening the economy for the future.

"Only a strong economy will allow us to ensure financial security for families, well-paid jobs in New Zealand for our young people, and larger superannuation payments for our older people.

"National's focus will be on making sure we have the right tools to manage the New Zealand economy through a period of uncertainty.

"National is confident that with the right leadership, this economy can get through the recession and deliver growth and higher incomes again."

ENDS

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