Cruse and associates financial news articles review
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2. Source page:
http://www.scmp.com/news/hong-kong/article/1170969/financial-
secretary-john-tsang-defends-his-budget-amid-criticism
Financial Secretary argues government must be prudent andavoid
extravagance, and hits back at critics who say fiscal plan lacks new
ideas.”
Financial Secretary John Tsang Chun-wah yesterday hit back at
critics who said his budget last week was too conservative, warning
that the next generation would suffer if he "spent extravagantly for
the sake of applause".
He emphasised the 16 per cent increase in government spending
over the next financial year, saying it was rare for a government
anywhere to be lifting expenditure.
Tsang told the RTHK programme Hong Kong Letter that
maintaining financial prudence was the first responsibility of the
financial secretary.
"I must make sure taxpayers' money is used in the right way," he
said. "If I spend the surplus extravagantly for the sake of applause,
not only will our generation suffer - the next generation will have
to suffer."
Wednesday's budget received a mixed reception. A university poll
found that its approval and disapproval rating were both about 30
per cent. Tsang insisted he was "not disappointed" by criticism that
the financial plan lacked "new ideas".
3. "New ideas are not my primary concern. It does not matter if our
measures are old if they are able to help the needy and move the
city forward," he said on another programme, Saturday Forum,
on Commercial Radio.
While the budget included HK$33 billion in one-off relief
measures, Tsang said the "main dish" was the roughly 16 per
cent increase in government expenditure, which comprised an
11 per cent increase in recurring expenses. "It is a substantial
increase in outlays. For social welfare alone, it is a 33 per cent
rise," he said. "I believe the public will sense an improvement in
public services."
Meanwhile, Secretary for Education Eddie Ng Hak-kim said he
hoped that 15 years of free education would be implemented
within his five-year term, and that new scholarships unveiled in
the budget were a measure to support the policy. In his budget,
Tsang said HK$48 million would go on scholarships. Every year,
the government will pay the overseas-study costs of 20 students
who have chosen to work as teachers.
"We need quality teachers in early childhood education if we are
to implement free education," said Ng.
Students studying English or early childhood education will
receive priority in the scholarships' allocation, but some will go
to those studying mathematics and liberal studies, he said.