Wine drinkers toast HK budget
Thursday 13 March 1997
The generosity being shown to wine drinkers is bizarre as few Hong Kong people drink wine, with the possible exception of the financial secretary, and the people who apparently bug him at dinner parties with concerns over high wine duties. Mr Tsang said this was the "one issue which has plagued me more than most".
That will be news to the many social welfare organisations which fail to understand why a revenue surplus of HK$15.1bn (pounds 1.2bn) could not have been distributed more generously in their direction. Huang Chen-ya, the economics spokesman for the Democratic Party, said the budget meant the rich would be able "to drink red wine but the poor will not have enough money for their very living".
The budget surplus was more than nine times higher than the forecast amount of HK$1.6bn, mainly because soaring property prices and a buoyant stock market have yielded far higher-than-expected revenues from stamp duty. Government land sales also made a higher-than-anticipated contribution while capital spending failed to materialise at expected levels.
The net result of the growing surplus and accumulation of government reserves means the Hong Kong government will have total reserves of some HK$359bn (pounds 29bn) to hand over to the incoming Chinese administration which assumes power in July.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole officially the 'most dangerous celebrity' on the internet
Ebola virus in the US: What are the symptoms, what is it and is there a cure?
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...