TREASURY was left with no other option but to delay the capital prioritisation debate, according to the Chamber of Commerce.

It emerged late on Monday that there was not £100m. available in the States cash pool, as indicated in its report that backs borrowing £175m. to help fund the £301m. capital spending programme.

That revelation dealt a huge blow to an alternative funding mechanism put forward by five deputies, led by Matt Fallaize, which would use internal borrowing from the cash pool. It left them no time to prepare alternative amendments to the report ahead of next week’s debate.

Chamber president Paul Luxon (pictured) said delaying the debate by a month was the right thing to do.

‘Charles Parkinson’s explanation of how this happened and his department’s decision to put it back a month to allow Matt Fallaize and his team time to reflect on their proposals is perfectly appropriate. It’s regrettable, but appropriate.’

And although it has agreed to ask the States to put back the debate for a month as a result of putting out incorrect figures, Treasury is standing by its borrowing proposals.

Mr Luxon said Chamber’s stance on the issue of borrowing had also not changed as a result of the latest revelation.