About the Fiscal Policy Panel (FPP)
The Fiscal Policy Panel (FPP) provides Jersey's Treasury and Resources Minister and States members with independent advice on:
- the strength of the economy, the economic outlook and the economic cycle in Jersey
- the sustainability of public finances in the medium and long term including the net asset position
- fiscal policy including the balance of tax and spend and the use of the Strategic Reserve Fund and the Stabilisation Fund
The Panel is established under
Jersey's Public Finances Law and is a key element of Jersey's fiscal framework. It plays a key role by assessing the extent to which Jersey meets its fiscal guidelines.
The Panel also oversees the official forecasts for Jersey's economy, for use in fiscal forecasting and planning
The Panel is supported by the Economics Unit in the Department for Economy.
The FPP mainly publishes 3 types of report, with ad-hoc reports and letters when required.
The FPP writes to the Treasury Minister outlining its macroeconomic assumptions. This includes projections for the size of the economy (GVA) and inflation. These are usually published once or twice a year.
FPP economic assumptions March 2022
Next publication: 2026 (provisionally)
The FPP has a statutory obligation to publish an annual report on the:
- economic outlook
- public sector net worth
- transfers between funds
This is published after the Government Plan.
FPP Annual Report November 2021
Next publication: November 2022 (provisional)
Medium Term Report
In the past, the FPP published reports before the first Government Plan and Medium-Term Financial Plan where it updated its estimates of trend economic assumptions.
Going forward, the FPP plans to update this to coincide with the electoral cycle.
Jersey's Fiscal Policy Panel Medium Term Report July 2022
Last published: July 2022
Next publication: 2026 (provisional)
FPP Annual Report October 2020
FPP Annual Report October 2019
FPP Annual report October 2018
FPP Annual Report October 2017
FPP Annual Report August 2016
FPP Annual Report September 2015
FPP Annual Report 2014
FPP Annual Report 2013
FPP Annual Report 2012
FPP Annual Report October 2011 (update)
FPP Annual Report 2011
FPP Annual Report 2010
FPP Annual Report November 2009 (update)
FPP Annual Report May 2009
FPP Annual Report November 2008 (update)
FPP Annual Report 2008
FPP letter to the Treasury Minister on Hospital Funding Strategy December 2016
Treasury Minister letter to FPP on Hospital Funding Strategy December 2016
FPP letter to the Treasury Minister on Use of Stabilisation Fund May 2012
Treasury Minister letter to FPP on Use of Stabilisation Fund April 2012
FPP interim report September 2010
FPP letter to the Treasury Minister on Fiscal Stimulus March 2009
Treasury Minister letter to FPP on Fiscal Stimulus March 2009
FPP preliminary report April 2008
The members of the FPP are:
- Dame Kate Barker (Chair)
- Professor Francis Breedon
- Professor Richard Davies
Dame Kate Barker (Chair)
Dame Kate Barker was appointed to the FPP in 2014, and has been Chair since 2016.
She has been a non-executive director of Man Group plc since April 2017. She is chairman of trustees for the British Coal Staff Superannuation Scheme and also chairs the trustee board of the Universities Superannuation Scheme.
She led a quality review of the UK National Accounts for the Office for National Statistics in 2014 and has chaired a commission on Health and Social Care for the King’s Fund.
She was a member of the Monetary Policy Committee (MPC) at the Bank of England (2001 to 2010) and led 2 major policy reviews reporting to the Chancellor and the Secretary of State for Communities and Local Government:
- Barker Review of UK Housing Supply (2003 to 2004)
- Barker Review of Land-Use Planning (2005 to 2006)
She was created Dame Commander of the Order of the British Empire (DBE) for services to the economy in 2014.
Professor Francis Breedon
Professor Francis Breedon was appointed to the FFP in 2016.
He is Professor of Economics and Finance at Queen Mary University of London, a role which he has held since 2010.
He has wide-ranging experience as a professional economist, including practical and academic experience. As well as working at the Bank of England for 7 years, he has held senior economics positions in the private sector and continues to consult for a number of financial firms. His academic research focusses on international finance, and covers international macroeconomics and fiscal policy, including government funding and sovereign wealth funds.
He is also a Commissioner in the Scottish Fiscal Commission.
Professor Richard Davies
Professor Richard Davies was appointed to the FPP in 2018.
He holds the inaugural Chair in the Public Understanding of Economics at Bristol University, is director of the Economics Observatory, and a fellow at the Centre for Economic Performance, part of the London School of Economics (“LSE”).
Previously he was Chief of Staff of the LSE’s Growth Commission, Chair of the Council of Economic Advisors at HM Treasury, and worked at the Bank of England and the UK Competition Commission.
In addition to research and policy, Richard’s work includes writing for the public. He was previously Economics Editor at The Economist, authoring their guide to economics and, more recently, Extreme Economies, published by Penguin.