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A Statement from the Minister for Treasury and Resources on the Fiscal Policy Panel’s First Annual Report 2008

05 September 2008

The Treasury and Resources Minister has welcomed the recommendations contained in the Fiscal Policy Panel’s first annual report.

The panel’s brief is to examine the strength of the Jersey economy and the position in the economic cycle; to comment on the appropriateness of the States financial position and to make recommendations for fiscal policy.

The report makes a number of recommendations, and warns t he Island to prepare for a significant weakening in the economy.

Treasury Minister, Senator Le Sueur, says: “This report will be very useful when considering States policy for the coming year. I’m particularly pleased that the panel has made it clear that we are already moving along the right path. One of the recommendations is to maintain current tax and spending profiles in order to accumulate significant funds.

“It will be a great advantage for ministers to have this independent, expert advice when considering the 2009 Business Plan, and I hope the report’s recommendations will be taken into account by ministers when considering their priorities for the next year.”

The Fiscal Policy Panel is an advisory body which was set up to give independent advice on the Island ’s tax and spending policy for both the Treasury and Resources Minister and the States as a whole. The Panel is part of the new Fiscal Framework agreed by the States in October 2006, and it’s intended its recommendations will help achieve the States objectives of economic growth with low inflation.

Notes to Editors:

1.      For further information, please contact Senator Le Sueur on 07797 718798

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