3
-
Wednesday, March 13, 1974
He added that if it was imperative for fiscal reasons to raise
additional revenue at once, then other sources of indirect taxation should
be considered.
Mr. Woo emphasised, however, "the government's policies
must be related to the need to keep down the basic living costs of the
man in the street."
*The greatest criticism of the budget is the failure to recognise
or propose counter measures against inflation" said Mr. Woo.
"Consideration must be given to means of stabilising the prices of
at least essential commodities and of keeping down price rises in respect
of those commodities to the absolute minimum," he said.
Mr. Woo welcomed the measures being taken to curb profiteering
in rice and suggested that the similar steps should be taken to deal with
other foodstuffs.
Ho again underlined the importance of setting up an Economi.c
Advisory Committee. It should have unofficial representation and should
keep constantly under review the economic problems of the day. "At
the present time the number one problem is inflation and its effect on
the cost of living."
Mr. Woo noted that the unofficials welcomed the proposal for
a Consumer Council to which people could take complaints on prices and
other consumer matters. It would be up to the Council to prevent profiteering,
but if profiteering did take place extensively "legislation against it will
have to be considered."
/Commenting on