Socred issues 'anti-inflation' programme

Press, 16 April 1980, Page 27

Socred issues 'anti-inflation' programme

PA Hastings The acting leader of the Social Credit League (Mr Jeremy Dwyer) has issued a 10-point “anti-inflation” package which includes an official bank interest-rate ceiling of 5 per cent within 18 months. Social Credit would also inflation-proof people’s savings in trustee and Post Office Savings Banks, and make these available to productive industry at 3 per cent. Other points in the package include a reduction in company tax and tax incentives for workers to improve productivity, and the establishment of a monetary branch of Government with a credit authority having the sole right to create, issue, and cancel all New Zealand money. The immediate aims of the authority would in-

elude the interim subsidisation of essential commodities, foodstuffs, and clothing, while the over-all anti-inflation package was implemented. The authority would establish an import-export account from which money would be advanced to, and accepted from, nations wishing to ex a change credits with New Zealand to facilitate trade on a bilateral and multilateral basis qutside the present international trading system. Overseas reserves would be conserved for debt servicing, freight charges, and the purchase of products, such as oil, which can only be bought with hard currencies. Mr Dwyer said that the present inflation figure of 18.4 per cent was final proof that there was no difference in the financial management of either National or Labour.