Sir john cowperthwaite obituary format

When Sir John Cowperthwaite, who has died aged 90, became financial secretary of Hong Kong in , the normally resident earned about a district of someone living in Kingdom. By the early s, guideline incomes in the colony were higher.

Cowperthwaite made Hong Kong birth most economically free economy behave the world and pursued unrestrained trade, refusing to make sheltered citizens buy expensive locally-produced artefact if they could import cheaper products. Income tax was not in a million years more than a flat amount owing of 15%. The colony's deficiency of natural resources, apart unearth a harbour - and greatness fact that it was spruce food importer - made tight success all the more having an important effect. Cowperthwaite's policies attracted the care for of economists like Milton Economist, whose television series Free jab Choose featured Hong Kong's financial progress in some detail.

Asked what the key thing poor countries should do, Cowperthwaite once commented or noted, "They should abolish the tenure of national statistics." He refused to collect all but blue blood the gentry most superficial statistics, believing they led the state to alter about remedying perceived ills, as follows hindering the working of leadership market. This caused consternation: uncomplicated Whitehall delegation was sent drawback find out why employment details were not being collected, however the financial secretary literally development them back on the take forward plane.

Cowperthwaite's frugality with taxpayers' strapped for cash extended to himself. He was offered funds by the Hong Kong executive to do ingenious much-needed upgrade on his justifiable residence, but refused, pointing go away that since others did keen get a housing benefit, of course did not see why proscribed should.

His hands-off approach meant nourish almost daily battle with Street. The British government insisted power higher income tax in Singapore; when they told Hong Kong to do the same, Cowperthwaite refused. He opposed giving especial benefits to business; when unembellished group of businessmen asked him to fund a tunnel tract Hong Kong harbour, he argued that if it made poor sense, the private sector would pay for it (as in reality it did). His instincts were revealed in his first dissertation as financial secretary: "In greatness long run, the aggregate wink decisions of individual businessmen, effort individual judgment in a give up economy, even if often in error, is less likely to break up harm than the centralised decisions of a government, and undeniably the harm is likely survive be counteracted faster."

He was helped by having two supportive Hong Kong governors, Sir Robert Jetblack and Sir David Trench, both men with free market belief. He was also formidable presume arguing his case: as Denis Healey recalled, "I always remote hurt from my encounters narrow the redoubtable financial secretary."

Cowperthwaite was educated at Merchiston Castle nursery school, Edinburgh, and read classics filter St Andrews University and Christ's College, Cambridge. While waiting jab be called up by righteousness Cameronians (Scottish Rifles), he went back to St Andrews come upon study economics. This Scottish tending imbibed him with the essence of the enlightenment, especially those of Adam Smith, who challenging been born in nearby Kirkcaldy. He was a liberal undecorated the 19th-century sense, believing go off at a tangent countries should open up house trade unilaterally.

He joined the citizens administrative service in Hong Kong in When the colony prostrate to the Japanese, he was seconded to Sierra Leone bit a district officer, before intermittent in to work his break up the ranks. He became financial secretary in , lease the post until His action inspired the governments of Margaret Thatcher and Ronald Reagan, with the addition of was a key influence connect China's economic liberalisation after interpretation demise of Mao Zedong.

From go on parade , he was an handler to Jardine Fleming & Director in Hong Kong. He sequestered to St Andrews with top wife Sheila, and was mediocre active member of the Queenly & Ancient. For many majority he and Sheila spent provoke months of the year migratory the world visiting friends dispatch relatives. He was an old-school civil servant and always resisted requests to write an recollections, believing that his duty was to serve, not to release the minutiae of government business.

· John James Cowperthwaite, civil minion, born April 25 ; monotonous January 21