DSR 11C
Of course, much remains to be done. But the pattern of
improvements is encouraging.
A greater realism is
emerging, a heightened understanding of the links between
sensible pay settlements, productivity, unemployment and
the creation of lasting jobs. A successful trading
community such as here in Hong Kong needs no reminding of
these links. But we have had to reforge the chain; reforge
it through our overall economic policies and the climate
they create; through our control of public spending and
borrowing; and through our constant encouragement to
management and unions to learn the lessons of
competitiveness and performance as the key to success.
You in Hong Kong have always had a concern for the
recreation of enterprise, for the emergence of new firms
and sectors which reflect the changing circumstances in
your own environment and that which faces you in other
economies. Britain's economic success also depends on
responding to changing industrial activity.
enterprise are the keys to that response.
Innovation and
We of emsuraging roboties & advanced
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We are
So we must encourage them. We are investing more in the
future, and less on the casualties of the past.
moving the balance away from direct financial support for
nationalised industries and the public sector towards
measures to help industry to innovate.
e.f
We are providing
support for the development of core technologies such as
micro-electronics, fibre optics and biotechnology and for
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