XN000022-1996-03-06 — Page 89

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"Our programmes for the elderly have been guided by a clear-sighted strategy.". (Para 43)

"The Working Group on Care for the Elderly made a total of 71 recommendations. We have funded, and we are implementing, every single one of these recommendations." (Para 43)

"We are in fortunate position of being able to make all the improvements to our social welfare, health and educational programmes without breaching our budgetary guidelines. Indeed if there had been any danger of breaking our guidelines because of these improvements, we would not have made them." (Para 45)

Revenue Proposals

Living within Our Means

"To engineer an increase of one percentage point in GDP, we would have to slash taxes by over ten percentage points." (Para 49)

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"We do better - far, far better in the long run to stick with our tried and tested formula of living within our means and keeping taxes low and predictable." (Para 49)

Fees and Charges

"I can see no case for taxpayers subsidising commercial activities. The user- pays principle is an integral part of our system of public finances." (Para 50)

"Short-term gestures made at the taxpayers' expense would only jeopardise the fundamentals of our public finances." (Para 50)

The Reserves

"This is not the time, with all its inherent uncertainties, to reduce the cushion of healthy reserves that Hong Kong at present enjoys." (Para 51)

"We need to preserve the reserves for 'torrential downpours not the mild showers' "(Para 51)