Medicine Bill. At the same time Labour's Trevor Mallard hinted in Parliament that Labour would try to link Key to the 1987 "H-Fee" scandal, which involved Key's former employer Elders Merchant Finance and a payment to Equiticorp Chief Executive Allan Hawkins. Hawkins and Elders executive Ken Jarrett were later jailed for fraud. Key declaring that he had left Elders months before the event, that he had no knowledge of the deal, and that his interview with the Serious Fraud Office (SFO) during the investigation into the affair could only have helped to convict the people involved. Then-SFO director Charles Sturt publicly supported Key's statement. Labour MPs criticised Key for not releasing specific policy information at their annual conference. Key responded that National would set its own policy agenda and that there was adequate time before the next election for voters to digest National Party policy proposals. Prime Minister (2008–2016) First term: 2008–2011 Key became Prime Minister following the general election on 8 November 2008, which signalled an end to the Labour-led government of nine years under Clark. The National Party won 45% of the party vote and 59 of the 122 seats in Parliament, overtaking the incumbent majority Labour Party. National negotiated with smaller parties to form a minority government with confidence and supply from the classical-liberal ACT Party, the centrist United Future and the indigenous-rights-based Māori Party. Key was sworn in as Prime Minister and Minister of Tourism and also appointed as a member of the Executive Council on 19 November 2008, along with his nominated cabinet. He chose Bill English as his Deputy Prime Minister and Minister of Finance. During his first term in office National remained high in the polls and one commentator described support for Key as "stratospheric". In 2011 he was nicknamed "Teflon John" in the popular media, as nothing damaging to his reputation seemed to "stick" to him. Key's government introduced several bold economic policies in response to the global economic downturn that began shortly after he took office. The government introduced a plan of personal tax cuts, reducing taxes on all income; the top personal tax rate was lowered from 39% to 38% and then 33%. In its first budget the government raised the rate of Goods and Services Tax (GST) from 12.5% to 15%, despite Key previously stating that an increase would not happen under a National government. Key's government also enacted