After announcing their intention to intervene and gut the power market and destroy shareholder wealth Labour have been on the back foot facing claims that if their rationale is to be believed on power then why not intervene in other markets.
David Shearer of course is nowhere to be seen, he dropped this policy on Thursday afternoon, promptly made for the airport and bolted like a coward, leaving Grant Robertson and David Parker to unconvincingly defend the biggest lurch to the left since like forever.
Now they are saying they won’t intervene in any other market. They have been forced to because it is now apparent the damage their policy announcement is currently doing to the NZ economy. This is the start of an embarrassing backdown for Labour.
Labour Party deputy leader Grant Robertson has moved to try and reassure financial markets that its sudden lurch to favour central planning in the electricity industry is one-off.
In a statement attacking Economic Development Minister Steven Joyce, Mr Robertson says: “Labour makes no apology for stepping in to fix problems in the electricity sector. But this is not a signal that Labour is going to intervene elsewhere in the economy.
“As we said on the day we launched NZ Power, we have no plans to intervene in any other markets.”
That of course is a lie. Labour has plenty of plans for intervention. Read more »