CONFIDENTIAL
FM HONG KONG
TO IMMEDIATE FCO
TELNO 1636
OF 22045OZ MAY 90
CONFIDENTIAL
IN ETECTAR -
Нив 233/1
R
IG.
RY
15
137462
MDHIAN 1506
MARSDEN'S UNNUMBERED TELEGRAM TO THE CHIEF SECRETARY
OSPA: STERLING SAFEGUARDS
1. PLEASE REFER TO OUR COMMENTS IN TELNO 1612 REGARDING THE STATEMENT THAT HK PENSIONERS CONTINUE TO DO REASONABLY WELL IN COMPARISON WITH THEIR UK COUNTERPARTS. OTHERWISE, WE ARE CONTENT
WITH YOUR DRAFT REPLY.
B
2. ON PARA 6 OF OSPA'S LETTER OF 4 APRIL, A RECENT REVIEW HAS CONCLUDED THAT CPI(A) REMAINS AN APPROPRIATE INDICATOR OF PRICE INFLATION FOR PENSION INCREASE PURPOSES. OVER 90 PER CENT OF OUR PENSIONERS ARE WITHIN OR BELOW ITS EXPENDITURE BRACKET. THIS HAS
BEEN ENDORSED BY EXCO.
3. ON PARA 3 OF OSPA'S LETTER OF 25 APRIL, WE ARE WELL AWARE THAT THE PRESENT SYSTEM OF SPOS DOES NOT PROVIDE FOR PROTECTION OF
PENSIONS AGAINST CURRENCY FLUCTUATIONS. IN OUR LETTER TO MR COLVYN HAYE, WHEN WE REFERRED TO HMG'S SPECIAL OBLIGATION TO HMOCS MEMBERS, WE HAD IN MIND THE SPECIAL OBLIGATIONS REFERRED TO IN THE VARIOUS WHITE PAPERS ON HMOCS.
FORD
YYYY
MAIN
14
MINIMAL
NNNN
DISTRIBUTION
14
HKD
PAGE 1 CONFIDENTIAL
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