Labour Would Cut Tax And Quit World Bank

Press, Volume CII, Issue 30201, 5 August 1963, Page 12

Labour Would Cut Tax And Quit World Bank

(New Zealand Press Association) ROTORUA, August 4. Interest rates would be lowered and the personal income tax exemptions would be increased if the Labour Party was returned as the Government in the General Election this year, the Leader of the Opposition (Mr Nordmeyer) told a public meeting at Tokoroa on Saturday night. In the international field, he said, a Labour Government would withdraw from the International Monetary Fund and World Bank after meeting all commitments, would investigate the possibility of deferred credit to countries needing New Zealand’s primary goods, would protest to the United Nations on the proposed French nuclear testing in the Pacific, and would foster bilateral and Commonwealth trade.

Mr Nordmeyer said the personal tax exemption for a single man would be increased from £9 to £lO and that for a married man from £l2 to £l5 if the Labour Party was returned. Speaking about the European Economic Community negotiations. Mr Nordmeyer said the British Government would have joined without giving Commonwealth countries protection from it had it not been for General de Gaulle's veto.

Opportunities for trade within the Commonwealth

must be taken advantage of if the Commonwealth was to have the future that it should, he said. It was imperative that steps be taken to guard against the United Kingdom entering the E.E.C. without disturbing Commonwealth interests.

More active steps would also be taken to promote markets where New Zealand did not trade at present, for although the Meat Board and Dairy Board had done good work, the surface had only been scratched.,