Former Guernsey Chief Minister Advocates for Project Funding Through Borrowing

A past chief minister of Guernsey has encouraged the Policy and Resources Committee (P&R) to secure loans for financing significant expenditure initiatives. Deputy Peter Ferbrache stated that the States of Guernsey possesses the option to “issue a public bond” as a method to generate the necessary capital for undertakings like the upcoming sixth form centre and the expansion of the hospital. The Policy and Resources Committee is scheduled to release an updated “funding and investment plan” in January, a document it has indicated will feature reductions in infrastructure project allocations. Several prominent political figures, among them deputies Peter Roffey and Andrea Dudley-Owen, have cautioned P&R regarding the potential consequences of decreasing expenditure on infrastructure. Andrea Dudley Owen, who serves as the President of Education, Sport and Culture (ESC), has additionally urged P&R to present proposals for increasing revenue in the coming year, following the committee’s unsuccessful attempt last month to implement higher income tax rates. Subsequent to that determination, on 12 November, P&R President Lyndon Trott stated that the government “cannot continue spending money we don’t have, this is not what P&R wanted, we must ensure our island is fiscally responsible”. Dudley-Owen contended that the leading committee ought to reintroduce certain proposals that received in-principle approval as components of the “fairer alternative” package of suggestions that advanced through the States during 2023. These encompassed levies on motoring and fresh fees for business registration. She commented: “They should have come in with the budget earlier this year. “It’s a view shared by many States members and conversations are happening at the moment supporting that approach.” Ferbrache is among those advocating for the introduction of motoring tax proposals in the upcoming year, which he indicated he considers could serve as collateral for borrowing. Peter Roffey, President of Employment and Social Security (ESS), has similarly pressed P&R to consider certain motoring taxes for the next year. Deputy Roffey has put forward paid parking as a potential method for generating short-term revenue to guarantee the continuation of infrastructure projects. Readers can follow BBC Guernsey on X and Facebook. Story ideas may be submitted to channel.islands@bbc.co.uk. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for material found on external websites. Information regarding our external linking policy is available.