Guernsey Fiscal Policy Panel appointed

Monday 15 February 2010

Guernsey’s Policy Council has appointed three leading economic experts to form the island’s inaugural Fiscal Policy Panel.

The panel’s key role will be that of independent arbiter on the conduct of States fiscal policy: in particular to judge whether the States remains within the parameters for present and future spending and budget balance set out in the Fiscal Framework agreed by Guernsey States last April.

The Guernsey Fiscal Policy Panel consists of the same members as the Jersey Fiscal Policy Panel – Joly Dixon, Marian Bell and Christopher Allsopp. Its responsibilities will include the authoring of an annual published report setting out its views in respect of States fiscal policy.

Guernsey’s Chief Minister, Deputy Lyndon Trott, said:

‘Last April the Policy Council brought before the States of Guernsey a Formal Fiscal Framework designed to safeguard the States continued conservative fiscal legacy. The States overwhelmingly backed those proposals, key to which was the adoption of an external panel of experts to provide independent opinion on the conduct of States policy.
‘Three eminent economists, Joly, Marian and Chris, have agreed to constitute our inaugural panel membership. It augurs well that they already have a demonstrable track record with this type of role on behalf of the States of Jersey and agreeing a common membership between us is a positive signal in support of pan-island collaboration.’

Jersey’s Treasury Minister, Senator Philip Ozouf, said:

‘I am pleased to see Jersey and Guernsey working together in this way. The joint use of the Fiscal Policy Panel has numerous advantages, not least of which is the fact that the members’ reputation and professionalism has already been demonstrated by their work for us in Jersey. I hope this proves to be one of many successful examples of the growing cooperation between the islands.’

Joly Dixon, Chair of the Panel, speaking on behalf of the Panel said:

‘We are delighted to be working with the States of Guernsey. Our work in Jersey has shown the benefits of a Fiscal Policy Panel. We welcome the decision of the Policy Council to establish a fiscal framework and look forward to working with others to make it a success.’