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WEDNESDAY, MARCH 4, 1992
THE
FINANCIAL SECRETARY SAID THERE WAS ALSO BROAD AGREEMENT ABOUT THE NEED TO PROVIDE A SAFETY-NET FOR THOSE LESS ABLE ΤΟ LOOK AFTER THEMSELVES, THOUGH THERE WOULD ALWAYS BE LEGITIMATE DEBATÈ ABOUT PACE AND SCALE.
"NO SOCIETY CAN ACHIEVE ALL THAT MAY BE DESIRABLE IN ONE DRAMATIC GESTURE. BUT WE ARE FORTUNATE ENOUGH TO BE ABLE TO SPEND MORE ON PUBLIC SERVICES AS THE ECONOMY CONTINUES TO GROW AND PROSPER, HE SAID.
MR MACLEOD POINTED OUT THAT THE ENGINE OF GROWTH WAS PICKING UP, AND INFLATION WAS SLOWLY DECLINING.
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THE ECONOMY
"I HAVE SOUGHT IN THIS, MY FIRST BUDGET, TO SET OUT MY PHILOSOPHY CLEARLY, AND TO EXPLAIN FRANKLY THE PROBLEMS AS WELL AS THE OPPORTUNITIES WE FACE.
"AND I HAVE SOUGHT IN MY PROPOSALS TO MAINTAIN THE NECESSARY BALANCE BETWEEN INVESTING IN AREAS WHICH WILL HELP KEEP OUR ECONOMY GROWING, SUCH AS EDUCATION AND THE INFRASTRUCTURE, AND SPENDING ON ALL THE OTHER AREAS WHICH MAKE OUR LIFE HERE RELATIVELY SAFE AND REWARDING, INCLUDING THE SAFETY-NET I HAVE REFERRED TO, HE SAID.
MR MACLEOD HAD ALSO ENSURED THAT HONG KONG CONTINUED WITHIN ITS MEANS.
TO
LIVE
AN
"AND BY A MODEST NET INCREASE IN TAXATION TO PROVIDE ADEQUATE CUSHION IN OUR RESERVES TO HELP MEET ANY UNFORESEEN ADVERSE DEVELOPMENTS. IN ALL THIS, AND PARTICULARLY IN THE TAX CONCESSIONS, I HAVE SOUGHT TO SOFTEN THE EFFECT OF INFLATION," HE SAID.
THE FINANCIAL SECRETARY PAID A WARM AND SINCERE TRIBUTE TO HIS PREDECESSOR, SIR PIERS JACOBS.
"SIR PIERS STEERED US SAFELY THROUGH SOME TESTING TIMES, AND IN THE PROCESS CARRIED OUR MONETARY MANAGEMENT AND REGULATORY FRAMEWORK, A LONG WAY FORWARD.
T
"ABOVE ALL, IN RELATION TO THIS BUDGET, HE LEFT OUR FINANCES IN HEALTHY STATE; A STATE I HAVE EVERY DETERMINATION WILL CONTINUE, THE FINANCIAL SECRETARY SAID.
A
HE MOVED THAT THE DEBATE ON THE MOTION BE ADJOURNED.
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