New interest rate no benefit?
PA* Wellington 'The move by B.N.Z. Finance to lower its interest rates appears to be politically motivated, says Social Credit’s finance spokesman, Mr Les Hunter. The Prime Minister (Mr Muldoon) hailed the move as a “little victory” on ThursHowever, Mr Hunter said the Prime Minister ■ would appear to talking “longue in cheek,” because there was “very severe doubt” that the market rate would follow suit. ■
The move would not benefit either borrowers or lenders. Mr Hunter said.’ Other than in the immediate term, borrowers could not benefit, because B.N.Z. Finance would be starved of funds. - ■
“The whole thing has the apearance of a political gimmick designed to allow the Prime Minister to justify his oft-stated prediction that interest rales are coming down, when in fact indications are that market rates are still rising.” Mr Hunter said.
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Press, 19 May 1981, Page 17
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141New interest rate no benefit? Press, 19 May 1981, Page 17
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