Government ignores calls to protect local jobs in changes to bank guarantee scheme

Finsec says the government should have made the protection of local jobs a condition of the extension of the retail deposit guarantee scheme to banks and finance companies announced this week.

“The government could and should have extracted commitments to keep good New Zealand jobs in the finance industry in exchange for the massive public underwriting of their business,” said Finsec Campaigns Director Andrew Campbell.

“With unemployment forecast to hit 8%, the government has missed an opportunity to protect jobs within our wealthiest corporations. Bill English has given profitable banks a taxpayer underwriting while asking for nothing in return for Kiwi workers.”

“The Government has ignored a 10,000 signature petition and the results of a UMR poll earlier this year showed 79% of New Zealanders think the government should require banks to maintain existing staffing levels in exchange for the taxpayer support they are receiving through the bank guarantee schemes,” said Campbell.

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