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Treasury Minister welcomes FPP report

23 October 2018

Jersey’s Treasury Minister, Deputy Susie Pinel, has welcomed the publication of the independent Fiscal Policy Panel’s (FPP) latest Annual Report.

Deputy Pinel said: “I am pleased that the FPP are supportive of our overall fiscal stance, with forecasts showing a small surplus for 2019. This is in line with the deficit-reduction plans set out in the MTFP (Medium Term Financial Plan) and endorsed by the FPP.

“The panel is forecasting that our economy will continue to grow this year and next, but they point to considerable uncertainty, not least regarding Brexit. It is for this reason that the draft Budget presented earlier this month proposes transferring £50m to the Stabilisation Fund, to act as a buffer against those risks.

“There are also challenges ahead, with further structural pressures emerging from 2020 onward. We cannot be complacent and therefore I am grateful to the FPP for their advice before the development of our new Government Plan. The panel has indicated that further fiscal adjustment is likely to be required and I am fully supportive of the recommendation to build detailed, realistic and time-bound targets for the delivery of savings in the Government Plan.”

The Treasury Minister welcomes the report’s recommendations, and action will be taken to address them, including:

  • Work to identify deficit-reducing measures which have not yet been delivered
  • Detailed, time-bound and realistic savings targets will be built into the Government Plan
  • The Government Plan will set out a strategy to rebuild the Stabilisation Fund, building on analysis which the FPP will undertake next year.
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