policy, whether in taxation or other matters. Indeed, it is in my view one of our community's great strengths that there is a broad consensus about the need to preserve the key elements of Hong Kong's success - the commitment to the market economy, to competition, and to providing community services from the wealth created by that economy. These community services ensure that everyone receives proper education and health care, and can rise as far as their talents enable them. We are an open, meritocratic society, where success inspires effort to emulate that success, not jealousy. Rags to riches stories are commonplace in Hong Kong. Long may that continue to be so.
112. There is also broad agreement about the need to provide a safety-net for those less able to look after themselves, though there will always be legitimate debate about pace and scale. No society can achieve all that may be desirable in one dramatic gesture. But we are fortunate enough to be able to spend more on public services as the economy continues to grow and prosper.
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113. The engine of growth the economy is picking up, and inflation is slowly declining. I have sought in this, my first Budget, to set out my philosophy clearly, and to explain frankly the problems as well as the opportunities we face. And I have sought in my proposals to maintain the necessary balance between investing in areas which will help keep our economy growing, such as education and the infrastructure, and spending on all the other areas which make our life here relatively safe and rewarding, including the safety-net I have referred to.
114.
I have also ensured that we continue to live within our means. And by a modest net increase in taxation to provide an adequate cushion in our reserves to help meet any unforeseen adverse developments. In all this, and particularly in the tax concessions, I have sought to soften the effect of inflation.
115. Finally, I would like to finish by paying a warm and sincere tribute to my predecessor, Sir Piers Jacobs. Sir Piers steered us safely through some testing times, and in the process carried our monetary management and regulatory framework, a long way forward. Above all, in relation to this Budget, he left our finances in a healthy state; a state I have every determination will continue.
116.
Sir, I move that the debate on this Motion be now adjourned.
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