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Monday, 17 September 2012

"The Bozo Stuck In Wonderland!"

Economic expectations are lowered

JERSEY’S economic prospects for 2013 are likely to be downgraded when forecasts are reviewed by independent economists next month, says Treasury Minister Philip Ozouf.

But he says that the likely downgrading of the overall growth forecast for 2013 – predicted at 2% in the three-year spending plan published in July – will not affect tax revenues.

Tax receipts were dependent on company profits and personal earnings and did not follow overall economic performance, said Senator Ozouf, who added that in any event, tax was paid on the previous year’s earnings.

The three-year plan due for debate in November sets out proposals for 12% increases in total department budgets from 2013 to 2015, and £222m worth of capital spending over the same period.

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