Mr JA B Stewart Hong Kong Department
SECRET
HONG KONG BUDGET
1.
I have had a quick look at the extracts from the budget speech. My main feeling is that it represents a rather old-fashioned, not to say outdated, way of looking at a budget. It is predominately concerned with financial and accounting considerations, and hardly seems to glance at all in the direction of Hong Kong's basic economic objectives, and the extent to which the budget is an instrument that can be used to secure them. In short, it is a chief secretary's budget rather than a chancellor's budget.
2.
The other point which struck me was that the continual references to 'guidelines' which seem to require that every variable be in some predetermined relationship to every other variable, apart from being somewhat irritating, made the person who delivers the budget speech sound like some kind of idiot automaton. If I was an MP listening to such a budget speech I think I might permit myself a few boos and hisses.
25 February 1977
cc:
Mr Adrian Smith
Lichael Stewart.
Michael Stewart
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SECRET