NO tax cuts or big increases in public spending - that seems to be the likely outcome of the debut SAR Budget.
Speaking on RTHK's Letters to Hong Kong yesterday, Financial Secretary Sir Donald Tsang Yam-kuen warned the Budget could not be a quick fix for the SAR's economic ills.
Instead, Sir Donald's financial blueprint for the coming year would focus on long-term development.
'It is possible to give Hong Kong people a short-term elation, setting aside the long-term benefits,' he said.
'But it would be irresponsible and even dangerous to seek temporary applause from the public with the taxpayer's hard-earned money.' He said the regional economic turmoil meant the world would pay extra attention to this year's Budget.
Despite widespread calls for tax cuts, Sir Donald said the International Monetary Fund and other organisations had warned that such a course of action could severely harm Hong Kong's economy.
