The pain of public spending cuts announced by UK Chancellor George Osborne will not be felt in Guernsey, says Graham Parrott.

HUNDREDS of thousands of people will suffer as a result of UK public spending cuts but the impact on Guernsey will be minimal, tax expert Graham Parrott has said.

The Ernst & Young partner responded yesterday after Chancellor George Osborne delivered his speech detailing massive cuts in government spending – aimed at bringing ‘sanity’ to public finances.

Mr Parrott  said Guernsey should not be overly concerned by any of the announcements.

‘At the end of his speech I found myself feeling like I didn’t want to think that it wasn’t that bad because clearly a lot of people are going to suffer, but from a Guernsey point of view it was exactly what was expected,’ he said.

‘And, of course, the UK has managed to do what Guernsey seems incapable of doing, which is bring down public spending.’

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