The States of Guernsey has rejected proposals to finance upcoming projects with borrowed money. It is instead almost certain that Guernsey will offset the cost of the local investment through increasing taxation on domestic taxpayers.
Projects which are likely to cost around GBP175m over the coming years include improvements to liquid waste treatment; La Mare de Carteret School; as well as other projects classed as Priority 2 by the Guernsey Treasury and Resources Department.
In a previous announcement in March the government announced that it is considering how to increasing its annual revenues by GBP52m in order to address its structural deficit by 2017. Several proposals were aired in its announcement, including the introduction of a goods and services tax, as recently implemented in Jersey.
Proposals from Treasury and Resources will be debated by the States at the May meeting.
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