Report on the revised forecast of States income for spring 2020
Produced by the
Treasury and Exchequer
Income Forecasting Group
and published on
27 May 2020
Prepared internally, no external cost
The COVID-19 pandemic has had an immediate and significant impact on Jersey’s economy and therefore its public finances. The Income Forecasting Group (IFG) has consequently reduced its spring forecast for total States income in 2020 by £106m (12.1%), when compared to the forecast made to inform the addendum to the Government Plan 2020-23 (P.71-2019 Addendum). Around half of this reduction (£51m) is due to downgrades to the forecast for income tax, with £20m from lower GST, £15m from stamp duty, £8m from reduced impôts, £6m from ‘other income’ and £6m from an increase to the forecast for bad debts.