Devaluation forecast
PA Auckland A heavy devaluation of the New Zealand dollar in May was forecast yesterday by the leader of the Social Credit Political League, (Mr Bruce Beetham).
The Government mini budget proposals were only the first in a series of measures designed to buy votes in the General Election next year, he said.
"The next step we can expect is a heavy devaluation in May for the political advantage that would be gained from the increased returns to exporters by November next year,” said Mr Beetham. “However, it will be after, the election that everybody will be affected by the increased prices of imports that must follow. “The $25 'baby bonus’
offered by Mr Muldoon will help the people who have run out of money for Christmas because of rising prices,” he said. But it was only a "oncer” and its benefit would be quickly lost.
The 5 per cent cut in taxation was a pittance compared with the 26 per cent increase in taxation taken last year.
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Press, 1 November 1977, Page 2
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170Devaluation forecast Press, 1 November 1977, Page 2
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