The Financial Secretary, John Tsang, has made radical changes to his budget following mounting political pressure for him to return wealth to the people.
The unpopular plan to inject HK$6,000 into Mandatory Provident Fund accounts has been scrapped. Mr Tsang has instead proposed that all permanent residents over the age of 18 will receive a HK$6,000 handout from the government, while taxpayers will enjoy tax rebates worth up to HK$6,000. The new measures are expected to cost the government about HK$40-billion.
He should have done this much earlier, don't you think?