XN000022-1994-11-08 — Page 2

TUESDAY, NOVEMBER 8,

1994

TRANSCRIPT OF FINANCIAL SECRETARY'S MEDIA SESSION

* * * *

FOLLOWING IS A TRANSCRIPT OF THE FINANCIAL SECRETARY SIR HAMISH MEDIA SESSION AT THE CENTRAL GOVERNMENT OFFICES TODAY

MACLEOD'S (TUESDAY):

FS:

GOOD AFTERNOON, WELL, I HAVE JUST

KNOW, THE ANNUAL EXERCISE

FINISHED,

WHAT HAS NOW BECOME THE ANNUAL MEMBERS ON THE REVENUE ASPECTS OF THE OF CONSULTING LEGCO THE EXPENDITURE, OF COURSE, WE DID MUCH EARLIER IN THE YEAR.

-

AS YOU EXERCISE BUDGET;

THE SLIDES WE WILL BE GIVING YOU THE HARD COPIES OF

THE TRENDS OF OUR WHICH I USED FOR THE BRIEFING ON THE BACKGROUND REVENUE IN THE PAST TEN YEARS AND SO ON SO YOU CAN LOOK AT THAT.

GENEROUS IN

-

MUST I THINK ONE THING WHICH EMERGED WHICH I FIND, I

ΤΟ HAVE ACCEPTED THAT SAY, RATHER HELPFUL, IS THAT MEMBERS DO SEEM

WAS UNUSUALLY

TERMS OF THE

TAX LAST YEAR

SALARIES EXPECTING SUCH DRAMATIC CHANGES THIS CONCESSIONS AND THEY ARE NOT

ARE MOST PEOPLE BASICALLY,

ASKING FOR YEAR. IN

INFLATION FACT,

HAVE OTHER IDEAS ABOUT INCREASES IN THE SALARIES TAX AND THEN SOME

BASICALLY PARTICULAR SECTORS, SAY, AS SINGLE PARENTS AND SO THERE ISN'T A HIGH EXPECTATION WHICH NATURALLY I WELCOME, AND I

ON REVENUE AND EXPENDITURE IT IS QUITE REALISTIC. I THINK, IN FACT, THE PATH IS NOW FAIRLY CLEAR AHEAD OF US.

BUT ON,

THINK

HAVE BEEN THERE IS SOME INTEREST IN HOW ACCURATE WE

GOING THIS YEAR IN OUR REVENUE ESTIMATES, AS ALWAYS. YOU KNOW, ARE WE

THE TRUTH IS TO HAVE A SURPLUS EVEN BIGGER THAN FORECAST AND SO ON?

IT IS PRETTY EARLY FOR ME TO SAY - TWO THINGS. FIRST OF ALL,

BECAUSE THE BASIS WE ARE HALFWAY THROUGH THE YEAR. BUT SECONDLY, AT LEAST ON

BIG DON'T DETECT ANY I

DEVIATION. AND IN OF THE FIGURES SO FAR,

REVENUE PARTICULAR, FOR THOSE WHO ARE INTERESTED, WE DID ALLOW IN OUR

DUTY ESTIMATES FOR STOCK MARKET TURNOVER BEING LESS, THEREFORE STAMP

WE ALLOWED FOR PROPERTY ON THAT BEING LESS, AND ALSO

TRANSACTIONS DUTY BEING LESS, SO AT THE MOMENT WE ARE LOOKING NOT BAD ON OUR STAMP

MORE DIFFICULT ONES. WE FORECAST WHICH IS TRADITIONALLY ONE OF THE

AND HAVE ASSUMED THAT PROFITS AND HENCE PROFITS TAX WILL BE BUOYANT,

AS YOU KNOW, PROFITS THAT IS ACTUALLY A BIT TOO EARLY TO TEST YET. TAX AND SALARIES TAX COME IN RATHER MORE TOWARDS THE END OF THE BUT SO FAR, SO GOOD. ANY QUESTIONS?

YEAR.

QUESTION:

THE

MAIN CONCERNS LEGISLATORS? I MEAN YOU PROBABLY HAVE A LONG LIST BUT WHAT IS AT THE TOP OF THEIR LIST

WHAT WOULD YOU

SAY

ARE

—

INFLATION OR ?

/FS

OF

RIGHT