My Smith
COVERING SECRET AND PERSONAL
RE
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4 MAR 17
P.A fes
Fees
Flag A Flag B
HONG KONG BUDGET
1.
You will remember that I drafted a telegram from
Lord Goronwy-Roberts to Hong Kong asking for some further details on the "strategy" underlying the budget. We have now received two telegrams containing very long-term financial planning and an extract from the draft budget speech on the budget strategy. Before I submit these to Lord Goronwy-Roberts, I should be grateful for any comments you may have.
2. I am a little disappointed that there is no mention of any new arrangements for a revised system of salaries or company tax. We know that the Inland Revenue Review Commission has made its report (although I have not seen it, I believe that you have a copy). One would have thought that Mr Haddon-Cave would have made at least some mention of this. However, he himself would doubtless say that he had not yet had time to consider the report and its implications.
JA B Stewart
24 February 1977
Hong Kong Department
COVERING SECRET AND PERSONAL