Financial Secretary proposed change to Govt borrowing powers

The Financial Secretary not only agrees with the proposed removal of the reference to a recurrent revenue limit in the Public Finance (Borrowing Powers) Act, but suggested it himself, Parliament was told this week.

This was revealed by the Chief Minister Fabian Picardo din response to Opposition questions on the issue.

“I want it to be clearly understood that the Financial Secretary has not felt any need to give any views that suggest that the proposed change should not be made,” Mr Picardo said.

“In fact, it would have been surprising if he had given that he suggested that the change in question should be made.”

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