Jersey Fiscal Policy Panel Prepares First Report

by Jason Gorringe, Tax-News.com, London

20 August 2008

Jersey's Fiscal Policy Panel (FPP) is now finalising its first report, which is due to be published on Friday 5th September.

This follows the Panel’s fact-finding mission in July when they met local interest groups, including representatives from business and trade unions, to listen to their opinions. The information gathered helped the Panel to understand the economic environment and latest conditions affecting the Island.

The FPP is an advisory body which has been set up to advise the Treasury and Resources Minister on the Island’s fiscal (tax and spending) policy and how it can help achieve the States’ objectives of economic growth with low inflation.

The Panel is part of the new Fiscal Framework agreed by the States in October 2006.

The role of the FPP is to publish an annual report for the Treasury and Resources Minister that:

• Examines the strength of the Jersey economy and the position in the economic cycle
• Comments on the appropriateness of the States financial position/forecasts given the above.
• Recommends policy regarding the Stabilisation Fund.

Chairman of the Panel Joly Dixon commented:

“The use of an independent panel of professional and experienced economists to advise on fiscal policy in this way is a unique arrangement to our knowledge and represents an innovative approach to inform decision making.

“The advice on fiscal policy in our forthcoming report is aimed at helping to create the conditions for long term growth and stability in the Jersey economy.”

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