1 1.
P.01
24.
Another key part of our strategy is that we fully
prudent management
recognise the continuing importance
of public finances. This continues to be
to be based on the
target of keeping overall public expenditure growth over a
no You
humadly
27
line
OL GUP.
The
decision to build new airport has not caused this
strategy to be changed. But we must recognize that
inevitably capital expenditure will peak during the three
four years leading up
the actual opening of the
airport, and this would cause a temporary departure from
our guidelines.
to
25.
Some have argued that the airport programme is
crowding out other desirable projects, and have tended to
blame all tightening of control on public sector
expenditure on the airport programme. This view is
misguided for two principal reasons. First, even without a
decision to build the new airport, lower growth in the
economy and a high level of inflation would in any event
require us
increase in public expenditure
:
more tightly.
to
contain the
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