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I NEED ONLY REFER TO THE GUIDELINE RELATING PUBLIC SECTOR
EXPENDITURE, DEFINED TO INCLUDE ALL EXPENDITURE FINANCED FROM PUBLIC FUNDS (235), TO THE G.D.P.
THE RATIO OF PUBLIC EXPENDITURE SO DEFINED TO THE PRELIMINARY ESTIMATE OF G.D.P. THIS YEAR, 1976-77, WILL BE 16.4% THIS RATIO
WILL RISE TO 17.6% NEXT YEAR AND THIS IS CONSISTENT WITH THE SLOWER GROWTH RATE FORECAST FOR THE ECONOMY AND OUR POLICY OF LIFTING PUBLIC EXPENDITURE TO A RATHER HIGHER PLATEAU.
MACLEHOSE
E
FILES:
HEAD HKD
FS/LORD GORONWY ROBERTS
MR CORTAZZI
MR MURRAY
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