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107.
I am particularly conscious that the expenditure
proposals I have put before you today imply real growth in our
spending in 1988-89 higher than my forecast for economic growth.
Furthermore, the indications are that the size of the Civil
Service is set to increase, for at least the next few years, at a
rate faster than that of Hong Kong's labour force.
108.
It is inevitable, however, that in some years Our spending will be above the trend. Continuing care is needed to
ensure that in the longer term we move back to our planning
criteria. If we fail in this regard, we may find ourselves locked into high expenditure growth rates that cannot be reduced if and
when circumstances turn against us. We could then find ourselves
in a position of being forced to increase taxation, and, through
that increase, erode significantly our competitive edge bearing in
mind the move towards lower tax rates worldwide.
سو
109.
But let me not end on such a sombre note. Hong Kong
has prospered over the last two years and I have been able to
return to our community some of the fruits of that prosperity, It
Sir is a task I have enjoyed. Finally, throughout this Budget Speech, I have often stressed the continuity of our policies and So I
conclude with the words of T.S. Eliot:
st ( 1
110.
b
'What we call the beginning is often the end
And to make an end is to make a beginning.
The end is where we start from.
I were that the debate on this motion
Sir, beg to move.
I
be now adjourned.
Debate adjourned pursuant to Standing
Order 54(2).
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