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Transcript of FS
The following is the remarks by the Financial Secretary, Sir Hamish Macleod, at the Sunday Money Fund Manager of the Year Awards Ceremony at the Ritz- Carlton Hotel today (Thursday).
Tonight was perhaps a useful reminder that we have a thriving fund management industry here, still growing. I noticed that one of them in the papers today said it was becoming too competitive but I take that as a compliment. It is good for the industry and it is good for the consumers, the customers that we have a very competitive and very successful fund management business. So I hope that will continue to be the case.
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Any questions? But could I just say - I know you will try the Budget is next week, not this week.
Question: Can you tell us what colour the paper will be ...?
FS: The colour will be revealed, as usual, the day before the budget, plus one or two other little small snippets, but I'm afraid the Budget must remain for March 1st.
Question: Is it a deficit budget?
FS: That must also remain for March 1st.
Question: (on mortgage lending)
FS: I am entirely at ease on the luxury apartments, that was an extra measure which was taken by some banks on the more expensive flats but I think the basic 70 per cent guideline which the banks actually introduced, still seems to me to make sense. The auction - I must say I have never read such a wide range of different headlines on the auction but from my perspective the auction, so far as the residential properties were concerned, was fine. You may remember that one of the criticisms, looking back to last year, of our property market, was that it was dominated by the very large players, the very large companies, so those who were worried about that should take encouragement from the fact that this time, apparently, a smaller or medium size player is emerging. I feel quite encouraged by that.
Question: How about the industrial land...?