39
WEDNESDAY, MARCH 3, 1993
YOU
TAX- HAVE
QUESTION:
JUST TO FOLLOW UP. BY BUDGETING FOR A DEFICIT, DO YOU SAID THAT, IS IT YOUR INTENTION TO ACHIEVE THE EFFECT THAT CAN ACTUALLY CLOSE THE DOOR FOR LEGCO MEMBERS TO ASK FOR FURTHER YOU AND FURTHER SPENDING ON OTHER, SAY, ITEMS THAT CONCESSIONS NOT INCLUDED IN YOUR BUDGET SPEECH? BECAUSE NORMALLY, YOU WILL UP WITH A BIGGER THAN EXCESSIVE SURPLUS, SO BY HAVING A CONSERVATIVE ESTIMATE, THIS IS THE WAY YOU DEAL WITH IT.
FS: THE
END
OF
OUTCOME.
SEE A
THE DEFICIT IS SIMPLY A MATHEMATICAL RESULT EXPENDITURE AND REVENUE FIGURES, YOU KNOW, THAT IS THE AND AS I SAY, IF YOU LOOK TO THE OTHER YEARS, TOO, YOU WILL DEFICIT THERE.
OTHERWISE, IF WE WERE GOING TO GO FOR BALANCED BUDGETS ALL THE WAY UP TO 96-97, THEN OF COURSE THE RESERVES WOULD NOT BE 78 BILLION OFF THE TOP OF THE HEAD, I GUESS THEY WOULD BE
AND I DON'T THINK ANYONE HERE WOULD ARGUE SHOULD BE 140 BILLION OR THEREABOUTS.
140 BILLION
—
ABOUT
THAT
THEY
ARE YOU GOING TO SAY, NOW THAT IT'S QUESTION: NOW,
SAY, NO MORE, SAY, TAX-CONCESSIONS WOULD BE GIVEN,
IN THE LAST YEAR THAT THEY WOULD NOT SUPPORT YOU TO EXPERIENCE THE RATES RAISE AND THEN OR ARE THERE POSSIBLE DEMANDS FROM LEGCO WOULD NOT BE ENTERTAINED?
GIVEN
SETTLED THE
RAISE
FS:
A
FOR AND IF IF WE ANSWER.
I AM GOING TO TRY AND BE VERY CAREFUL THIS YEAR
NOT ΤΟ
THAT SAY WHAT I AM GOING TO DO NEXT YEAR; LET'S KEEP
WE HAVE TO LOOK AT THE SITUATION EVERY YEAR, LATER DECISION. NEXT YEAR WE FIND WE ARE BETTER-OFF, THEN THERE'S ONE ANSWER. FIND WE ARE WORSE-OFF THAN WE EXPECTED, THEN THERE IS ANOTHER I AM NOT GOING TO TRY AND GUESS.
QUESTION:
DEPENDS
THE
PERSONAL STILL A
THE SITUATION THOUGH IS, IT VERY MUCH ON THE DEBATE IN THE NEXT COUPLE OF MONTHS AND WHETHER THEY AGREE
OF SORT
TAX-CONCESSIONS OFFERED BY YOU IN
OF TERMS
AND WHETHER ALLOWANCES,
IS SATISFACTORY, QUESTION TO BE DEBATED
FS:
THEY FIND THAT
OF COURSE, ABSOLUTELY, THERE IS STILL A DEBATE, THERE IS STILL THE FINANCE COMMITTEE SPECIAL MEETINGS ON EXPENDITURE AND SO ON, BUT I THINK THE FIRST REACTION HAS BEEN QUITE GOOD.
QUESTION:
MR MACLEOD, IF YOU SAY 140 BILLION RESERVES
IS
TOO MUCH
PS:
-
THAT'S OFF THE TOP OF MY HEAD. I MEAN I AM JUST THINKING
THEM 120 RUNNING THROUGH MY HEAD THE DEFICITS AND ADDING BACK SO IT MAY BE A BIT MORE THAN THAT.
BUT WHAT,
KIND
QUESTION:
BASICALLY, ARE YOUR CRITERIA IN ASSESSING WHICH SORT OF LEVEL OF RESERVES WOULD YOU FIND IT AS A OF APPROPRIATE LEVEL OF RESERVES?
FS:
-
I
WITH LAST YEAR, I SAID I WAS PERFECTLY CONTENT
BILLION, FOR THE FIGURE AT THAT TIME, FOR WHICH THE FORECAST WAS 71 96-97
AROUND BUT YOU KNOW IT HAPPENS TO HAVE GONE UP A LITTLE BIT - THAT LEVEL
PRESENT I THINK IT IS REASONABLE IN
CIRCUMSTANCES. CAREFULLY AVOIDED PRODUCING SOME WONDERFUL FORMULA WHICH WOULD PRODUCE THE ANSWER I WANTED BECAUSE THE FACT IS YOU HAVE TO MAKE A JUDGMENT AT THAT WAS MY THE TIME IN THE LIGHT OF THE RISKS WHICH FACE YOU. JUDMENT.
/QUESTION: