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THURSDAY, APRIL 14, 1983
BECAUSE OF THIS +SLIGHTLY IMPROVED SITUATION,+ MR BREMRIDGE SAID A FURTHER $300 MILLION WILL BE TRANSFERRED TO THE CAPITAL WORKS RESERVE FUND AND THE ESTIMATED DEFICIT WILL REMAIN AT $3.8 BILLION,
THE TRANSFER, HE SAID, WILL BRING THE RESERVE FUND TOTAL FOR 1983-84 TO $10.6. BILLION AGAINST AN ESTIMATED EXPENDITURE OF $9.3 BILLION TO PROVIDE FOR A USEFUL BALANCE OF $1.3 BILLION AT THE END OF FISCAL 1983.
MR BREMRIDGE SAID HE WOULD MAINTAIN HIS ORIGINAL FORECAST OF FOUR PER CENT GROWTH RATE OF THE GDP FOR 1983 DESPITE RECENT SIGNS OF RECOVERY IN THE USA, WHICH LED TO A NUMBER OF UPWARD REVISIONS IN FORECASTS FOR THAT ECONOMY, PLUS THE FALL IN THE PRICE OF CRUDE OIL.
+ IT IS, HOWEVER, STILL EARLY DAYS AND THERE HAVE BEEN FALSE DAWNS BEFORE IN RESPECT OF THE WORLD ECONOMIC RECOVERY, HE SAID.
+ THE RIGHT TIME TO THINK OF MAKING FORMAL REVISIONS WILL BE IN MY MID-YEAR REVIEW, HE ADDED.
NO CHANGE CONTEMPLATED FOR BUDGET PROPOSALS
*****
TOLD THE
THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE LEGISLATIVE COUNCIL TODAY THAT HE HAD NO INTENTION TO CHANGE ANY OF HIS +CAREFULLY CONSIDERED+ BUDGET PROPOSALS.
+THIS FIRMNESS OF STAND DOES NOT REFLECT OBSTINACY OR AN ARROGANT BELIEF THAT I AM RIGHT AND MY CRITICS WRONG,+ MR BREMRIDGE SAID AT THE RESUMED BUDGET DEBATE.
AS IT WAS ESSENTIAL THAT THE GOVERNMENT RAISE $3 BILLION, MR BREMRIDGE SAID, HIS PROPOSALS WOULD DO SO IN THE LEAST UNATTRACTIVE AND BURDENSOME WAY THAT IS POSSIBLE+.
+THEY ALSO DO NOT IMPEDE THE IMPERATIVE ENCOURAGEMENT OF AN EXPORT-LED RECOVERY.
+WITHOUT A SUCCESSFUL EXPORT TRADE AND THE RESULTANT INCOME THERE WILL BE LITTLE IN HONG KONG TO TAX, HE STRESSED.
HE SAID THAT IT WAS THE GOVERNMENT'S JOB TO MAKE UNPLEASANT DECISIONS IN DIFFICULT TIMES WHILE CARRYING ON +CALMLY AND STEADILY WITH AGREED PROGRAMMES+.
+I KNOW THAT MANY OF THE NEW TAXES OR INCREASES IN EXISTING TAXES ARE UNPOPULAR. I SUBMIT ONLY THAT THE POSSIBLE ALTERNATIVES ARE WORSE,+ MR BREMRIDGE SAID.
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