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STATES OF JERSEY
FISCAL POLICY PANEL: RE-APPOINTMENT OF MEMBER
Presented to the States on 17th January 2022 by the Minister for Treasury and Resources
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REPORT
The Fiscal Policy Panel was established as part of a new Fiscal Framework when the States adopted proposition P.133/2006 (Establishment of a Stabilisation Fund and Policy for Strategic Reserve) on 5 December 2006.
In September 2013 the FPP was put on a statutory basis, and their statutory position and independence has been continued in the Public Finance Law (2019), which requires the Panel to publish an annual report commenting on:
• the strength of the economy in Jersey;
• the outlook for the economy in Jersey and for world economies and financial markets;
• the economic cycle in Jersey;
• the medium and long-term sustainability of the States' finances
• transfers to or from, the Strategic Reserve Fund and Stabilisation Fund
• The States' net assets and liabilities.
The FPP are responsible for monitoring the application of the fiscal guidelines. The guidelines set out in the Government Plan are to:
• Seek to increase the Strategic Reserve and public sector net worth, while following the advice of the Fiscal Policy Panel on borrowing and net financial assets
• Run a primary structural current balance or surplus until the Strategic Reserve is judged large enough to meet its mandate
• Borrow only to finance investment (or refinance liabilities), except in times of economic duress, and monitor the impact on net financial assets.
The Panel is also responsible for producing independent economic forecasts that are used to inform income forecasts.
Existing Fiscal Policy Panel members
Dame Kate Barker C.B.E. was appointed as a member of the FPP in March 2014 for a period of 5 years, becoming Chair in 2016, and was reappointed for a further 3 years in 2019.
Professor Francis Breedon was appointed in March 2016 for a period of 5 years and reappointed for a further 3 years in 2021.
Professor Richard Davies was appointed in April 2018 for a period of 5 years.
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Re-appointment of Dame Kate Barker
Dame Kate Barker's current three-year contract is due to expire on 31 March 2022 and the Minister has decided to renew this contract for a further one year. Dame Kate has chaired the Panel during one of the most challenging times for public finances in Jersey, and during this time the Panel has played an invaluable role in advising on the government's response to the pandemic and on the plans to borrow. The Minister considers it important to retain this experience and knowledge in the Panel, in what will be a key twelve months in the economic recovery and in the Government's plans to borrow.
Dame Kate Barker has been a non-executive director of Man Group plc since April 2017. She is chairman of trustees for the British Coal Staff Superannuation Scheme, and also chairs the trustee board of the Universities Superannuation Scheme. She led a quality review of the UK National Accounts for the Office for National Statistics in 2014 and has chaired a commission on Health and Social Care for the King's Fund. She was a member of the Monetary Policy Committee (MPC) at the Bank of England (2001 to 2010). She led two major policy reviews reporting to the Chancellor and the Secretary of State for Communities and Local Government: Barker Review of UK Housing Supply (2003 to 2004), Barker Review of Land-Use Planning (2005 to 2006). She was created Dame Commander of the Order of the British Empire (DBE) for services to the economy in 2014.
Remuneration
The remuneration will continue at £20,000 per annum from April 2022 for a period of 1 year.
Minister for Treasury and Resources
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