Jersey’s Treasury Minister, Deputy Susie Pinel, has welcomed the publication of the Fiscal Policy Panel’s (FPP) Advice for the 2020-23 Government Plan.
The Government Plan will set out in detail how Jersey’s government will use public money to provide day-to-day services as well as to deliver the strategic priorities set out in the Common Strategic Policy.
A new Government Plan is intended to replace the existing Medium Term Financial Plan process, and will be completed in draft by early spring 2019, for lodging in summer 2019 and approval by the States Assembly in autumn 2019.
Deputy Pinel said: “I thank the FPP for its timely guidance as we develop our first Government Plan, which represents a new approach to planning our finances, by moving to a fully-integrated rolling four year plan. The Panel’s advice is, as ever, greatly valued, particularly during a time of uncertainty in the international economic outlook, and their recommendations will be a key factor as we develop the Plan.
“The report includes new economic forecasts, which will inform the Government’s income and expenditure forecasts. These are key in setting the fiscal envelope for the Government Plan. The Panel has downgraded its forecast for 2019, due to Brexit uncertainty, but largely expects the economy to perform well over the forecast period. However, I note their caution due to the high level of global economic uncertainty and will look to the Panel to update their forecasts and their broader advice should these risks come to bear.
“I am grateful for the Panel’s in-depth analysis of the Strategic Reserve and Stabilisation Fund and we will consider their recommendations as we develop the Plan. I have already taken steps to replenish the Stabilisation Fund, with the States Assembly approving a £50m transfer in 2019.”
Government of Jersey Press Release.