The economy
Sir,—The argument by the Citizens’ Democratic Party that a return to comprehensive import controls is needed is surely supported by Friday’s announcement of a $525 million balance of payments deficit in only three months.- New Zealand is in a very serious crisis, one where the large tax cuts proposed by Labour and Social Credit are inappropriate. On television on Sunday night Mr Rowling said — or did I mishear him? — that a 6 per cent tax on foreign exchange would bring in about $640 million. Total imports in the year ended April, 1981, were $5194 million, and 6 per cent of this is only $312 million. Social Credit's reform whereby workers would be helped to become shareholders in their factories is urgently needed if industrial strife and inefficiency is to be replaced by cooperation, but a Social Credit government could hardly do this and reduce tax too.— Yours, etc., MARK D. SADLER. November 23, 1981.
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Press, 26 November 1981, Page 19
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156The economy Press, 26 November 1981, Page 19
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