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A 'levelling up' budget

FEW Budgets are long remembered. Budget 2014 deserves to be one of them. It will be remembered most of all for its pathbreaking social initiatives, particularly its pioneer generation package which at a stroke provides a raft of healthcare subsidies to some 450,000 Singaporeans for the rest of their lives, with no ifs and buts, no uncertainties - the $8 billion needed to fund this initiative is already in the bag.

Budget 2014 also deserves to be remembered for its "levelling up" approach to dealing with the problem of inequality - or as Finance Minister Tharman Shanmugaratnam put it: "Building a Fair and Equitable Society."

In this context, one of the Budget's notable features is what it did not...

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