National Party leader John Key has started his damage control on his holdings in Tranz Rail shares as Labour MPs prepare to skewer him during question time in the House this afternoon.
Any advantage National thought it had over the Government after the privileges committee found New Zealand First leader Winston Peters should be censured all but disappeared this morning as Finance Minister Michael Cullen continued his attack on Mr Key.
Mr Key was forced to front the media on his way to the National Party caucus this morning where he admitted he should have disclosed the full extent of his Tranz Rail shareholding at an earlier date.
He later issued a statement "absolutely rejecting" assertions that he used his parliamentary position to gain any benefit from owning the shares or intending to mislead anyone.
"We all know why this issues is being raised today, because the Prime Minister [Helen Clark] has a number of issues she needs to answer, incluing Winston Peters and other important issues that the country is facing."
Labour MPs told the Otago Daily Times they were ready for Mr Key. Labour's research unit was scouring Hansard records to find what Mr Key said in the House when he was first asked about his Tranz Rail shareholding.
Question time promises to be tumultous with some attention shifting from Mr Peters and on to Mr Key.
