IT IS no exaggeration to say that the States of Guernsey meets today with the island’s future in its hands. For the ‘to borrow or not to borrow’ argument is one that will define the island’s path for not just years, but generations.

At stake are far more than political reputations. Instead, the island’s transport, health and education systems depend on 47 members making the right call.

It is a huge responsibility – and one that should weigh heavily on the shoulders of each. After months of meetings, Billets and more meetings each member of the Assembly – even the less financially minded – should have a reasonable grasp on the issues, complicated though they are.

For there are no easy options, no ready way of pleasing everyone. Extensive external borrowing will be a major fiscal burden on future generations. Interest payments alone will be eye-watering.

But without some form of borrowing, internal or external, some important projects will never see the light of day.

With so much at stake, the island has good reason to hope that the personality politics which blighted much of the last House’s work and threatens to do the same with this Assembly can be set aside. Social politician, pragmatist, free-marketeer and conservative can all agree on one thing: this is what they were elected for.

Divisions over executive government and the acidic fall-out from the ending of the airport firefighters’ dispute can wait for another day and another debate.

In that light, either Treasury makes its case to borrow, or the gang of five win the day with their alternative funding models – or perhaps one of the lower profile options makes a late run.

Beyond that, the deputies must differentiate between what the island wants, and what it needs. With the effects of zero-10 still reverberating through the island’s economy only projects which fall into the latter category can be considered.

All others must wait for sunnier times.

It will not be debate at its most light, witty and entertaining, but it will be riveting for its importance.