FS:
37
WEDNESDAY, MARCH 3, 1993
WELL,
OUR IN OF COURSE THIS IS 1993 AND WE ARE OF COURSE AUTONOMOUS FINANCES WHETHER FROM UK OR CHINA BUT NO DOUBT THEY WILL LOOK WITH INTEREST AT THE FORECASTS FOR 96/97 AND I HOPE THEY WILL FIND SOMB COMFORT IN THE
FACT THAT THE FIGURE OF RESERVES HAS GONE UP FROM ROUGHLY 71 BILLION IN MY LAST YEAR'S FORECAST TO ROUGHLY 78 BILLION IN THIS YEAR'S FORECAST. IF THAT'S NOT COMFORTING I WOULD BE SURPRISED.
QUESTION:
THEY SAY IT'S A VIOLATION OF THEIR PRINCIPLES OF THE BASIC LAW TO HAVE A DEFICIT?
FS:
IN WELL, I'M NOT GOING TO ENTER INTO, I'VE HAD SOME SUCH DISCUSSIONS THE PAST, THEOLOGICAL DISCUSSIONS ABOUT THE BASIC LAW WHICH OF COURSE DOESN'T COME INTO EFFECT UNTIL 1997. BUT AS I DID SAY IN THE BUDGET,
TO REASSURE ANYONE WHO HAS THAT SORT OF WORRY, PERHAPS
I AM QUITE CONFIDENT THAT IN 1997 THEY WILL BE ABLE TO HAVE BALANCED BUDGETS, PROBLEM.
QUESTION:
(INAUDIBLE) AND NEEDS COMFORTING, WHICH IS WHAT YOU MEANT?
NO
FS:
IT'S NOT FOR ME TO SAY WHETHER THEY NEED COMFORTING.
QUESTION:
OF
COURSE
AN IMPORTANT PART OF YOUR BUDGET 15 THE MEDIUM RANGE FORECAST WHICH LOOKS FORWARD FIVE YEARS. THIS YEAR THAT HAS TAKEN YOU TALKING TO 1996/97, NEXT YEAR YOU HAVE PERHAPS THE DIFFICULTY OF YOUR
ALL ABOUT THE FINANCIAL YEAR 97/98, WILL YOU BE CONSULTING BEJING AT IN THE NEXT 12 MONTHS OVER THE DIRECTION YOU'LL BE TAKING THE RESERVES AND YOUR SPENDING PROPOSALS BEYOND THE JULY HANDOVER IN 1997?
PS:
WELL, AS YOU SAY I'VE BEEN FORTUNATE ENOUGH THIS YEAR I DON'T ACTUALLY HAVE
SOME TO WORRY ABOUT THAT PARTICULAR PROBLEM. I'LL BE GIVING IT THOUGHT WHEN I'VE GOT THIS BUDGET OUT OF THE WAY BUT YOU'RE RIGHT THAT MRF WOULD IF
WE PROCEED ON OUR NORMAL TIME SCALE, THEN NEXT YEAR'S INDEED GO INTO 97/98.
/QUESTION:
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