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Jersey Considers Fiscal Response To Brexit Decision

by Jason Gorringe, Lowtax.net, London
18 July, 2016

Jersey's Fiscal Policy Panel has recommended that the territory should hold off on making changes to tax policy until the impact of a potential "Brexit" is clearer.

Jersey's Treasury and Resources Minister, Alan Maclean, welcomed the Panel's new report, which he had requested following the outcome of the UK's referendum on EU membership.

The Panel was asked to review the potential impact on Jersey's budget and its efforts to balance the books by 2018/19. The Panel stated that a sensible approach would be to "maintain course until there are clearer indications of how the Jersey economy is being affected, and to not make ad hoc changes to the path set out by the Medium Term Financial Plan (MTFP)."

Maclean said: "I warmly welcome this advice from our independent economic experts. This is an important juncture in UK politics, which is why I felt it necessary to commission an update report without delay. The Panel highlight that while there is significant economic uncertainty about the impact of the referendum result on the UK economy, the Jersey economy is not likely to be immune to any impacts. However, the Panel are clear that at this stage their advice has not changed and that we should still be looking to support the economy in the near term and balance our books in 2018/19."

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