2008 Business Plan unveiled
The States Annual Business Plan for 2008, published today, reinforces the Council of Ministers’ determination to improve Jersey’s quality of life.
The Plan confirms Ministers’ continuing work to protect all aspects of Island life, maintaining high quality public services and using the revenues from economic growth to provide support to vulnerable people in Jersey.
The Business Plan outlines the Council of Ministers spending targets. Chief Minister Senator Frank Walker said: ‘The Council of Ministers has promised that Jersey will live within its means and this is confirmed in our Business Plan. We are indeed fortunate to be able to fulfil our promises without putting unmanageable strain on our finances. The Council remains firm in its determination to deliver a sustainable long term future for our community and our finances. The programmes set out in this plan, if approved by the States, will achieve this balance.’
He goes on: ‘The economic picture for Jersey looks bright. The States has made wise decisions in agreeing a new Fiscal Strategy and already, we are seeing evidence that the elements in that Strategy are what is needed to restore confidence and to turn economic downturn into real growth, with increasing opportunities and employment for local people. If the States approves this Plan, and if they do not exceed the targets it sets out, then no new taxes – other than those already agreed in the Fiscal Strategy – will be needed before 2012.’
GST forms part of the Fiscal Strategy and Senator Walker stressed this was a crucial part of ministers’ strategy. ‘Businesses which drive our economy have been waiting and watching to see which road the States would take in safeguarding our future. The improvement in our financial situation shows that the Fiscal Strategy has given those businesses the confidence they need to invest in Jersey – just as we hoped and planned. Part of this is GST. I need to remind everyone of the Council of Ministers commitment to ensure there is no long term structural deficit, it is only because of the good economic performance that we will be able achieve this and hold GST to 3%’
The Treasury Minister, Senator Terry Le Sueur said: ‘GST is vital to our future success. Our plan to introduce it has given our industries the confidence they need, in Jersey, and in the States Assembly’s judgement and conviction. We are all now starting to benefit from that increased confidence, but that confidence will only be maintained if we adhere to our policies’.
The Business Plan draws on the latest financial forecast. The forecast is very positive and is based on the new health and vitality of Jersey’s economy. In 2006, a better than expected economic performance resulted in a £22m surplus in States finances, a small increase in the already improved position presented at the time of last year’s Budget.
Senator Walker also underlined the success of the public service efficiency programme, which is on target and will achieve savings of £20m each year.
Annual Business Plan 2008
Annex to the Annual Business Plan 2008
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Notes to Editors:
1. For further information, please contact Senator Walker (T 440401) or Senator Le Sueur (T 863994), or Treasurer Ian Black (T 440215).
Page Last Updated: 17/07/2007
