21 October 2011
The Treasury and Resources Minister, Senator Philip Ozouf, made the following statement in response to the publication of the Fiscal Policy Panel’s update report.
“I am very pleased to see the Fiscal Policy Panel (FPP) confirm that our public finances are on the right course, and that the States should continue with its Comprehensive Spending Review and Fiscal Strategy Review measures, as an absolute minimum.
“It is timely that our independent economic experts are reminding us that the global economic climate has deteriorated and that, as a result, the financial situation is still very tight.
"Although the FPP does not recommend further discretionary stimulus, they have advised that we should support the economy without weakening States finances. That is why we are proposing additional measures to get the economy moving and to protect people’s jobs.
“We will ensure that any capital funds allocated, but not yet used, are spent next year. We will bring forward housing projects, both new build and refurbishment, to keep construction firms’ order books going in an uncertain time. I am working with Ministerial colleagues to ensure that planning applications are progressed as quickly as possible.
“We will also be considering infrastructure investment in IT to kick-start moves to position Jersey as a centre for high value, low footprint, technology businesses. This is a key objective of our economic growth strategy which we must accelerate.
“We are also planning further measures to get people back into work: extending Advance to Work, Advance Plus and other workplace initiatives from Social Security. It is essential to keep people in productive work through this period of continued global economic uncertainty.
“The FPP's main conclusions endorse the difficult decisions the States Assembly has been called upon to make in the last few years; decisions which mean we can act quickly and decisively, having already balanced the books and dealt with the deficit.”
Senator Philip Ozouf
Treasury and Resources Minister