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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Power incident probe requested

The Electrical & Mechanical Services Department (EMSD) has requested CLP Power Hong Kong to identify the cause of this morning's power supply incident in Tsing Yi and submit a detailed report on it within two weeks.

 

The incident occurred at 9.38am. According to information provided by CLP Power, there was a fault in the underground cable at On Mei House, Cheung On Estate, affecting 388 customers. Power was fully restored at 11.04am and CLP is arranging the cable repairs.

 

The Government has requested CLP Power to immediately launch a comprehensive review of its power supply system and carry out preventive inspections and maintenance arrangements to ensure that the incident will not happen again.

 

The EMSD will have a meeting with CLP Power tomorrow to follow up in detail and report to the Environment & Ecology Bureau (EEB). The EEB will also review whether there are areas where the Government can strengthen monitoring to improve the performance of the power companies.

 

The EMSD immediately sent staff to the site to investigate the cause of the incident and whether there was an explosion, followed up with CLP Power on the development of the incident, and monitored the progress of repair work.

 

In view of recent power incidents, the EMSD will step up inspections of the facilities and operations of CLP to monitor its technical and electrical safety performance.

 

The Electricity Ordinance stipulates the powers and obligations of electricity suppliers, including, in the case of an electrical accident, providing the Director of Electrical & Mechanical Services with a report of the cause and what remedial action has been, or will be done, to prevent a recurrence of the accident.


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