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Treasury response to FPP recommendations

08 September 2014

The Treasury and Resources Minister, Senator Philip Ozouf, has welcomed the recommendations made by the Fiscal Policy Panel (FPP) in their 2014 report.

The panel have made 10 recommendations in their report on the focus that the States should take in developing its fiscal policy over the coming year.

Responding to the report, Senator Ozouf said the panel’s report was insightful and clear and endorsed the approach that Treasury and Resources had taken in drafting the Budget for 2015 which will be debated later this month.

“The proposals contained within the Budget have been carefully designed so that we can continue to support the economy by putting money into the economy and I’m reassured that the panel’s findings back that course of action," he said.

“It is also encouraging that the panel have taken the view that we should not be deflected from this path by the latest income projections and recommend taking measures once the economy has recovered, should we need to do so."

Good progress on previous reports

In their report the panel comment on the good progress that the States have made on the FPP’s previous reports.

“The previous FPP reports have been very helpful in giving both the Treasury and the States independent reassurance on financial and economic policy. Jersey is in a strong position and has weathered the financial crisis much better than many jurisdictions, particularly smaller ones.

“As we look forward, the best way to fund the services we need in the future is by growing the economy and this is what the Budget 2015 aims to achieve,” he said.

The report is the seventh published by the FPP and the first to be published by the panel since the requirement to report became statutory under the public finance law.

The draft Budget 2015 will be debated by the States Assembly later this month.

Download Fiscal Policy Panel annual report 2014 (size 1mb)

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