Use domestic funds

It is great that Jacinda Ardern is overseas working on improving our access to foreign markets. I am less enthusiastic about her attempts to access foreign investment.

One of the pillars of the industrial revolution in Britain was that members of the hoi polloi invested their profits back in their own businesses. This was in contrast to much of the landed gentry, who used the revenue from their estates for expensive toys.

These new businessmen could have developed their businesses faster if they took investment from the landed gentry but then the landed gentry would have been the benefactors of their hard work. It wasn’t long before the wealth of the new businessmen far exceeded the wealth of the landed gentry.

Look at our banks as an example. We were anxious to get a banking system set up in New Zealand so we allowed Australian banks to open here. Now they take about a billion dollars out of our economy every six months. How much better if this money stayed in New Zealand.

It wasn’t until Kiwibank was established that these foreign banks were forced to up their game. They have been under investigation both here and in Australia again and again for unfair practices. It may take longer to establish a business if we use our own funds but the ultimate result is far better.

William Hughes-Games, Waipara, North Canterbury