Breaking: Hong Kong permanent residents aged 18 and above will each receive a cash handout of HK$10,000 in a HK$120 billion relief deal. Follow our live coverage of the #HKBudget2020 here: sc.mp/kz3m8
Other key measures: Individuals will receive rebates in tax, government rates and a month’s rent in public housing; 100 per cent guarantee to Hong Kong companies taking low interest loan sc.mp/kz3m8 #HKBudget2020
Other key measures: Monthly allowance of low income families doubled and fees waived for public examinations to get into universities sc.mp/kz3m8 #HKBudget2020
Other key measures: Lower profit tax for companies lowered, government rents and rates reduced, electricity bills subsidised sc.mp/kz3m8 #HKBudget2020
LIVE: Finance chief Paul Chan says the past year has been challenging, and social unrest was unexpected for the government. This budget will focus on helping businesses and relieving people's burdens sc.mp/kz3m8 #HKBudget2020
LIVE: Hong Kong's government will record an unprecedentedly high budget deficit in 2020/2021. “It is hard to be optimistic on this year,” says finance chief Paul Chan sc.mp/kz3m8 #HKBudget2020
LIVE: Chan insists the HK$10,000 cash handout is an “exceptional measure taken in light of the current unique circumstances”. sc.mp/kz3m8 #HKBudget2020
LIVE: About HK$450 million will be earmarked for the Department of Justice for a project called “Vision 2030 for Rule of Law”, aimed at strengthening the community’s understanding of the concept of the rule of law and its implementation. sc.mp/kz3m8 #HKBudget2020
LIVE: HK$1 billion has been earmarked to back the work of the Youth Development Commission, which has already spent HK$500 million on a range of new programmes and measures, such as supporting youth innovation and entrepreneurship. sc.mp/kz3m8 #HKBudget2020
LIVE: In 2019-2020, the budget deficit is estimated to be HK$37.8 billion, the worst in 15 years, and accounting for 1.3 per cent of the estimated GDP. sc.mp/kz3m8 #HKBudget2020
LIVE: Hong Kong’s fiscal reserves are expected to drop to HK$908.5 billion in 2019-2020, Chan says, from HK$1.1 trillion. sc.mp/kz3m8 #HKBudget2020
LIVE: Finance chief Paul Chan says continued increases to public spending cannot be sustained. Therefore, the government will enter a phase of stabilisation in the coming years. sc.mp/kz3m8 #HKBudget2020
LIVE: In his conclusion, Paul Chan insists that despite current disappointments, people can choose to feel hopeful for the city’s future. sc.mp/kz3m8 #HKBudget2020
