land118
23-02-11, 19:23
http://www.rthk.org.hk/rthk/news/englishnews/20110223/news_20110223_56_735905.htm
HK$44bn of budget handouts
23-02-2011
Altis Wong reports
A protester urging the government to improve the wealth gap holds a poster depicting Financial Secretary John Tsang outside the Legislative Council building. Photo: Reuters
The Financial Secretary, John Tsang, has announced HK$44-billion of budget giveways, including a one-off injection into everyone's Mandatory Provident Fund account. Other measures are aimed at alleviating the effect of inflation, which is tipped to reach 4.5 percent this year. This came as the government announced a HK$71.3-billion surplus.
Mr Tsang told legislators the government would give each household a subsidy of HK$1,800 to help pay electricity bills. There will also be a waivers on rates for a year capped at HK$6,000; two months free rent for public housing tenants; and extra payments in allowances for welfare recipients, the elderly and the disabled.
Tax payers will receive a 20 percent increase in allowances for dependent parents or grandparents, with the child allowance rising by the same amount.
On the economy, Mr Tsang said inflation will be Hong Kong's key concern, with the rate expected to rise by 4.5 percent - almost double last year's figure. GDP is forecast to be four to five percent higher, after growing by 6.8 percent in 2010.
HK$44bn of budget handouts
23-02-2011
Altis Wong reports
A protester urging the government to improve the wealth gap holds a poster depicting Financial Secretary John Tsang outside the Legislative Council building. Photo: Reuters
The Financial Secretary, John Tsang, has announced HK$44-billion of budget giveways, including a one-off injection into everyone's Mandatory Provident Fund account. Other measures are aimed at alleviating the effect of inflation, which is tipped to reach 4.5 percent this year. This came as the government announced a HK$71.3-billion surplus.
Mr Tsang told legislators the government would give each household a subsidy of HK$1,800 to help pay electricity bills. There will also be a waivers on rates for a year capped at HK$6,000; two months free rent for public housing tenants; and extra payments in allowances for welfare recipients, the elderly and the disabled.
Tax payers will receive a 20 percent increase in allowances for dependent parents or grandparents, with the child allowance rising by the same amount.
On the economy, Mr Tsang said inflation will be Hong Kong's key concern, with the rate expected to rise by 4.5 percent - almost double last year's figure. GDP is forecast to be four to five percent higher, after growing by 6.8 percent in 2010.