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Fiscal Policy Panel Visits Jersey

by Jason Gorringe,, London

12 November 2007

Members of the new Fiscal Policy Panel, recently appointed to advise Jersey’s Treasury and Resources Minister, Senator Terry Le Sueur, on future fiscal policy, made their first official visit to Jersey last week.

The three panel members, Christopher Allsopp and Marian Bell, former members of the Monetary Policy Committee of the Bank of England, and Joly Dixon, a former member of the European Commission, spent Wednesday and Thursday familiarising themselves with Jersey’s economic structure. They attended a series of meetings with key States officers from Treasury and Resources and Economic Development, as well as representatives from the Institute of Directors, Chamber of Commerce, Trade Unions and the finance industry.

The States agreed in September of this year to appoint these three leading independent economists to the Fiscal Policy Panel. The Panel is part of the new fiscal framework designed to maximise Jersey’s future economic prosperity, and will advise on medium to long term tax and spending policies. Their role is to gauge the strength of the Island’s economy; its position in the economic cycle; and the outlook for both Jersey and the world’s economies. Specifically, they will advise on whether economic conditions justify the States running surpluses or deficits and to what extent, and whether funds should be transferred to or from the new Stabilisation Fund.

The panel will publish an annual report every September for the Treasury and Resources Minister, which will advise on the right combination of tax and spending policies for the Island to achieve its economic objectives of economic growth with low inflation.

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