XN000022-1992-03-05 — Page 16

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THURSDAY, MARCH 5, 1992

FINANCIAL SECRETARY:

JUST SAID, THANK YOU VERY MUCH.

CHRIS WONG: THAT

TH

WELL I HAVE JUST SAID WHAT I'VE

YOU

YEUNG

ARE IF

LET ME REMIND BEFORE THE LAST QUESTION MR WOODROFFE AND MR AU PREPARED TO STAY BEHIND TO ANSWER YOUR QUESTIONS ON THE SUBJECT, YOU ARE INTERESTED, OKAY? SO THE LAST QUESTION PLEASE.

QUESTION:

MR MACLEOD, AN EARLIER QUESTION WAS ASKED ABOUT STAMP-DUTY AND YOUR REASON FOR TRIMMING IT SINCE THERE WAS NO CALL FOR IT. YOU SAID THAT IT WAS TO TRY AND KEEP IT IN LINE WITH THE REST OF THE WORLD, BUT WAS IT NOT ΤΟ SORT OF APPEASE BUSINESSMEN AFTER RAISING PROFITS-TAX?

FINANCIAL SECRETARY:

QUESTION:

YOUR REASONS BEHIND THE DROP?

FINANCIAL

SECRETARY:

NO, BUSINESSMEN

I MEAN, WHAT WAS YOUR REASON OR

THE STAMP-DUTY WE ARE TALKING ABOUT IS MAINLY OF INTEREST TO THE STOCK MARKET AND IT IS A FACT THAT OTHER STOCK MARKETS IN THE WORLD, PARTICULARLY ONES THAT ARE LIKELY TO BE COMPETING WITH US, INCLUDING LONDON, EITHER HAVE OR ARE MOVING TOWARDS ZERO STAMP-DUTY ZERO. WE ARE BEING MORE CAUTIOUS, THERE IS QUITE A LOT OF REVENUE AT STAKE, AND WE HAVE INCHED OUR WAY DOWNWARDS BY 0.1, I THINK FOR THE LAST TWO OR THREE BUDGETS. IT IS VERY SIMPLE IF WE DON'T DO IT WE WILL CEASE TO BE COMPETITIVE, WE WILL LOSE BUSINESS AND WE WILL HAVE LESS REVENUE ANYWAY, SO WE HAD BETTER BE REALISTIC. WHEN THAT PROCESS WILL END, I WILL NOT FORECAST BUT THAT IS WHAT WE ARE DOING. WE ARE NOT APPEASING BUSINESSMEN, WE ARE BEING COMPLETELY REALISTIC ABOUT MARKET FORCES WHICH ARE IN PLAY.

-

CHRIS WONG:

YOU VERY MUCH.

FINANCIAL SECRETARY:

ALRIGHT, ON THAT NOTE, THANK

THANK YOU.

HOUSING AUTHORITY A PIONEER OF SOCIAL CHANGE

-

CS

THE HOUSING AUTHORITY, IN REFLECTING THE CHANGING SOCIAL AND DEMOGRAPHIC STRUCTURE OF THE COMMUNITY, RISING ASPIRATIONS AND POLITICAL PRESSURES IN ITS POLICIES, IS NOW A PIONEER OF SOCIAL CHANGE MORE THAN A REHOUSING AGENCY, THE CHIEF SECRETARY, SIR DAVID FORD, SAID THIS (THURSDAY) AFTERNOON.

"THE HOUSING AUTHORITY HAS ALWAYS BUILT COMMUNITIES RATHER THAN DORMITORIES, WITH EXTENSIVE COMMUNITY AND COMMERCIAL FACILITIES," HE SAID.

HOWEVER, THE STRONG DEMAND FOR HOME OWNERSHIP, THE NEEDS OF THE ELDERLY AND THE INFIRM AND THE GROWING NUMBERS OF SINGLE PEOPLE IN OUR COMMUNITY PRESENTED GREAT CHALLENGES TO THOSE INVOLVED IN OUR HOUSING PROGRAMME.

/"WE SHOULD