With the release of the Budget and a recession on the horizon, Nick Mann asks if the States has got the stomach to face the tough decisions ahead?
This Is Guernsey
treasury
Budget 2008 makes for a grim read
GLOOM, economic turmoil, stagnation, depression… The picture of the global economy painted by the Treasury minister’s first Budget is unremittingly downbeat.
Saving - for the benefit of the island
EARLY in the new year, States members will be faced with a report that sets out the hundreds of millions of pounds that the island needs to spend - some in short order simply to keep the airport operational - over the next few years.
States staff pension pot loses £255m.
THE States employees’ pension pot has plummeted in value by £254.9m. in the last 10 months.
Protection scheme is not dead, says Treasury
FEARS that establishing an industry-funded depositor protection scheme might not happen have been eased by Treasury minister Charles Parkinson.
UK backs island attempt to get Iceland to pay up
THE UK has lent its weight to local attempts to get Landsbanki Guernsey customers’ money back.
‘Measured approach’ to deposit scheme
A PANEL has been set up to examine the details of an industry-funded deposit protection scheme for Guernsey.
‘Guernsey’s tax cap is not competitive’
TREASURY minister Charles Parkinson has once more talked about the possibility of lowering the island’s tax cap from £250,000.
Recession in Guernsey? Not likely, says Treasury
A RECESSION in Guernsey is very unlikely, according to Treasury.
The code in the fiscal message
CONFIRMATION from the Treasury minister that the States cannot control its expenditure is a worrying admission, for clearly no organisation can operate effectively, efficiently or for the long term without being in charge of its costs. In addition, the minister’s honesty might be seen to raise issues of government credibility.