Published: 10:34am, 26 Feb 2025Updated: 11:08am, 26 Feb 2025
This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. New users who download our updated app get a seven-day free trial.
Hong Kong Financial Secretary Paul Chan Mo-po is delivering his budget speech at 11am on Wednesday and is expected to announce measures to cut public spending and boost revenues to tackle the deficit.
Chan earlier revealed the 2024-25 deficit would be about HK$100 billion (US$12.9 billion), more than double what he expected at the beginning of 2024, and marking the third consecutive financial year of recording a loss.
Follow our live updates on the budget to understand how it will affect you.
Reporting by Jeffie Lam, Denise Tsang, Jess Ma, Fiona Sun, Lo Hoi-ying, Elizabeth Cheung, Edith Lin, Natalie Wong, Oscar Liu, Connor Mycroft, Alfred Lam, Ambrose Li, Willa Wu and Harvey Kong.
More from our coverage:
– Don’t expect quick fixes from Hong Kong’s budget, economists say
– Budget 2025: how public servant pay cuts will impact you and Hong Kong’s finances
– Hong Kong may allow basketball betting to tap estimated HK$52.5 billion turnover