45
WEDNESDAY, MARCH 6, 1991
"WE HAVE ACHIEVED SOME SUCCESS. THE CIVIL SERVICE WILL GROW IN
THE HALF BY LESS THAN ONE PER CENT, WITH OVER 1991-92
DEPARTMENTS BEING HELD AT THEIR PRESENT STAFF LEVELS. PUBLIC EXPENDITURE IS UNDER FIRMER CONTROL. THESE ACHIEVEMENTS HAVE NOT BEEN AT THE
WE SHALL IN FACT BE SPENDING MORE ON COMMUNITY.
OF
ARE SERVICES THAT
PROVIDED. ENVIRONMENT WILL RISE BY 80 PER CENT, EDUCATION AND ON SOCIAL SERVICES WILL
AND
THE RANGE
QUALITY SPENDING
THE ON EXPENDITURE ON SIGNIFICANTLY.
AND
OF EXPENSE IMPROVING THE FOR EXAMPLE,
TOTAL
ALSO INCREASE
+
די
POSITION,
WOULD
LIKE TO EXPLAIN WHY THE STRENGTH
MAJOR THEME OF MY SPEECH, THE SECOND
OF
IS
OUR FINANCIAL IMPORTANT, AND
PARTICULARLY SO AT THIS TIME.
CUSHION
"AT PRESENT OUR FISCAL RESERVES STAND AT OVER THIS IS A HEALTHY LEVEL AND PROVIDES A ECONOMIC SETBACKS WHICH MIGHT LEAD US INTO TEMPORARY TODAY'S
UNSTABLE WORLD
ESPECIALLY,
SUBSTANTIAL
$70
BILLION. AGAINST UNEXPECTED
DEFICITS.
IN
RESERVES
ARE
OF
OF EVEN OF
CONSIDERABLE COMFORT. THE STRENGTH OF OUR RESERVES BECOMES MORE IMPORTANCE WHEN WE ARE EMBARKING ON A FAR REACHING PROGRAMME PUBLIC WORKS.
WE "THIS BRINGS ME TO THE THIRD THEME OF MY RUDGET SPEECH: HOW
WE WILL SEEK то WILL FINANCE THE GOVERNMENT SHARE OF THIS PROGRAMME.
FROM OUR MEET AS MUCH OF THE CAPITAL EXPENDITURE AS WE POSSIBLY CAN
BUT OVER THE SURPLUS ON RECURRENT ACCOUNT, AND FROM CAPITAL REVENUE.
IT AND NEXT
WOULD NOT SPENDING WILL INCREASE FEW YEARS CAPITAL
SAME NECESSARILY BE APPROPRIATE TO COVER ALL OUR REQUIREMENTS IN THE WAY AS BEFORE.
"SO IT MAY BE
DESIRABLE
FOR
THE GOVERNMENT
BORROW.
ΤΟ A PERFECTLY IT IS A THE
BORROWING
ΤΟ ORDER IN
MEET CAPITAL REQUIREMENTS IS ACCEPTABLE PRACTICE, AND INDEED WE HAVE DONE THIS BEFORE.
FURTHERMORE, PRACTICE FOLLOWED BY GOVERNMENTS THE WORLD OVER. BENEFITS OF LARGE PROJECTS WILL BE SHARED BY FUTURE GENERATIONS AND IT IS RIGHT THAT THESE GENERATIONS SHOULD BE ASKED TO MAKE SOME FINANCIAL HOWEVER, CONTRIBUTION. POTENTIAL LENDERS NEED FIRST TO BE REASSURED, THAT OUR POSITION IS SOUND AND THAT WE CAN REPAY ON TIME; OUR RESERVES AND OUR TRACK
OF FINANCIAL
REASSURANCE.
RECORD
MANAGEMENT
WILL
PROVIDE
FINANCIAL
THAT
YEAR
"TURNING NOW TO MY SPECIFIC PROPOSALS FOR THE 1991-92, I ANNOUNCED A NUMBER OF MEASURES WHICH WOULD RAISE ADDITIONAL REVENUE TO MEET OUR PLANNED INCREASES IN EXPENDITURE. THESE MEASURES INCLUDE I INCREASED DUTIES ON PETROL, LIQUOR AND TOBACCO, HIGHER VEHICLE LICENCE FEES AND THE USUAL ADJUSTMENTS TO OTHER FEES AND CHARGES. ALSO ANNOUNCED SOME TAX CONCESSIONS.
I
"NEARLY HALF THE ADDITIONAL REVENUE OF AROUND $4 BILLION THAT I TOBACCO, AM RAISING WILL COME FROM A SUBSTANTIAL INCREASE IN DUTY ON
MEASURE. BUT THIS PROPOSAL HAS BEEN PUT FORWARD PRIMARILY AS A HEALTH SMOKING IN ANY EVENT IS A MATTER OF PERSONAL CHOICE.
"THIS
YEAR,
NOT PROPOSED E HAVE
Ι TAXATION.
HAVE INDEED INCREASED ADJUSTED THE SALARIES TAX BANDS. STAND TO BENEFIT MOST.
ANY INCREASES PERSONAL ALLOWANCES TAXPAYERS WITH LOWER
IN
DIRECT
AND INCOMES
HAVE WILL
/"I ALSO
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