21 Feb '18, 8am

[Mothership] Goh Keng Swee’s 1967 Budget prepared S’pore for British military withdrawal https://t.co/f8j7ifo324

[Mothership] Goh Keng Swee’s 1967 Budget prepared S’pore for British military withdrawal https://t.co/f8j7ifo324

The Budget is usually a good indicator of the priorities of a society at a particular time. In 1965, our new nation’s priority was to industrialise to sustain a population that could no longer depend solely on entrepôt trade. In 1967, the big ticket event that influenced Budget was the planned withdrawal of British troops from Singapore by 1971. Then Minister for finance Goh Keng Swee delivered his maiden Budget speech on Dec. 5, 1967. British troops withdrawal In July earlier that year, Britain announced that they would be withdrawing their troops from Singapore. The worsening economy back home meant the British could not afford the £70 million-a-year maintenance of British military bases here. It might not seem like a big deal, but the presence of British military here in Singapore contributed to 20 percent of Gross National Product and their military bases employed many...

Full article: https://mothership.sg/2018/02/goh-keng-swee-budget-1967-b...

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