4
the community generally. This must not mean interference with the way in which the economy fundamentally operates. But there is a need for the Government to ensure (1) that the private and public sectors are in harmony and (2) that there are no constraints on, or imperfections in, the operation of the system which are detrimental to economic efficiency or to the legitimate interests of the individual.
10.
There is also a need for the Government to ensure, and this is my eighth principle, that there is a consistency between fiscal and spending policies, on the one hand, and economic policies, on the other. planning and aspirations could start running ahead of fiscal possibilities and the capacity of particular sectors of the economy, with attendant dangers for the continuing stability and growth of the economy as a whole.
11.
(3) Major and Minor Themes
Otherwise, social
In their speeches, honourable Members were concerned with four major themes and several minor themes. The four major themes are budgetary strategy; taxation of road users; the related questions of interest withholding tax, finance companies and banking licences; and, finally, inflation and rising prices. The minor themes, apart from those already dealt with by my colleagues, relate to the need to associate unofficials with the Government's continuing analysis of developments in the economy; subvention policy; relief for depreciation; my concern about the erosion of our profits tax base; and financial control.
I shall deal first with these
five minor themes and then go on to deal with each of the major themes taking pains to pick up any specific points raised by honourable Members to the extent that they are not covered by my treatment of the theme generally.
12.
(4) Minor Themes
(a) Economic Analysis
My honourable Friend Mr. P.C. Woo adverted to the idea of an Economic Advisory Committee and he was supported by several other honourable Members including, not unexpectedly, my honourable Friend Mr. Wilfred Wong. I have just acknowledged
/the..
No comments yet.
Private notes are available after approval.