You shouldn’t spend what you’re saving
Tuesday 11th October 2011, 2:29PM BST.
AN INDEPENDENT review of the States’ fiscal policy has questioned why government decided against using recently-generated savings to reduce the island’s £37m. deficit.
In his report, Professor Geoffrey Wood (pictured) said it would be more advisable to bank savings made through the Financial Transformation Programme – a list of workstreams aimed at streamlining States procedures to make efficiencies – rather than to spend them.
This week’s Assembly debate on the States Strategic Plan will see deputies vote on nine proposals that, if approved would use around £1.68m. of the £1.8m. savings generated in 2011 through the FTP.
The new service list includes a restorative justice service at a cost of £57,000, provision for an adult learning disability respite service for £211,000 and bowel cancer screening for £328,000.
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That makes common sense. If we are now running at an annual deficit and each time we save on something we spend the saving on something else, it appears to me that we never reduce the deficit.
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Would n’t that defeat the whole object of saving,in the first place?
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We have no idea what global financial shocks are just around the corner. Extra spending now could prove foolhardy. Pop this £1.8m under the mattress and let’s have another look in a year or two to see if confidence about the future has improved.
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The states should be banking this £1.8m for deficit reduction and looking for the next £5m of savings – until there is a surplus again I don’t see how these kind of items even get on the agenda
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Reports are coming in of a Naval engagement to the North of Alderney. The HM Revenue Cutter “VAT Evaision” has holed the freighter “Fulfillment Industry” and blown the escort vessel “Independant Fiscal Report” out of the water, the pilot boat “States Complacancy” is reported to be continuing on regardless.
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Fear not, Les Beaucamps boy, “States Complacancy” has a former fisherman at the helm! MOB!!
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