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The UK is now in its fifth year of sustained economic growth. In 1983 United Kingdom growth topped the European Community (EC) growth league, whilst last year, despite the coal strike, the economy grew at the same rate as the EC average. In 1985, the OECD expect the UK to be the fastest growing economy
economy within
within the
Community a far cry from the 1970s when we had the dubious distinction of being league.
bottom of the growth
Our policies have been successful in bringing down inflation, total fixed investment is at an all time high, employment is increasing and 1984 marked the UK's
fifth consecutive year of current account surplus. As these surpluses have been based
based on North Sea Oil, a non-renewable asset, it has made sense to replace its foreign currency earning capacity in part by investing
in overseas assets. As a result of this policy the
UK's Overseas assets amounted to US$85 million at the
last count. In 1979 they stood at only US$25 million.
We are thus a much stronger trading partner for
Hong Kong than 5 years ago, just as y ou a re a major
market for us. British companies are active here, and
we believe they have the capacity and expertise to
continue to play a major role in Hong Kong. This
important, not only for commercial reasons, but also as
visible expression of the UK's commitment to the
future of Hong Kong.
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