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STATES OF JERSEY
FISCAL POLICY PANEL
APPOINTMENTS
Presented to the States on 14th May 2024 by the Minister for Treasury and Resources
STATES GREFFE
2024 R.79
REPORT
Introduction
Article 43 of the Public Finances (Jersey) Law 2019 provides for the Minister for Treasury and Resources to appoint members of the Fiscal Policy Panel (FPP) and requires there to be at least 3 members of the Panel.
The Minister is required by Article 43(6) to give at least two weeks' notice to the States of Jersey of his or her intention to make an appointment to the FPP. In accordance with Article 43(5) the views of the Jersey Appointments Commission have been sought.
Recommendation
To approve the appointment.
Detail
The legal framework for the Fiscal Policy Panel (FPP) is set out in the Public Finances (Jersey) Law 2019, which enshrines the Panel's independence and requires it 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 is 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. On 1 June 2024 it will take on shadow responsibility for providing independent advice on systemic risks to financial stability to the Government of Jersey. The full responsibility will follow once the necessary amendments to the panel's statutory duties have been made. This additional role will entail examining the range, probability and impact of risks to the stability of Jersey's financial system, and identifying the best ways to minimise them, mitigate fiscal impacts and so minimise the potential costs to islanders.
Existing Fiscal Policy Panel members
Dame Kate Barker is the current Chair, and her term of office ends on 31 May 2024.
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Professor Francis Breedon and Professor Richard Davies were appointed to the Panel in 2016 and 2018 respectively. Professor Breedon's term expires in April 2025 and Professor Davies' in May 2027.
Recruitment process
The resourcing of the FPP was reviewed ahead of the recruitment, in November 2023, to prepare for the increase in workload of the FPP during 2024, namely taking on additional responsibility for advising on financial stability.
A recruitment process was agreed with the Jersey Appointments Commission to find a replacement for the current Chair plus a new additional Member.
Advertisements were posted on the websites of The Economist, the Society of Professional Economists, Odgers Berndtson (executive search provider) and the Government of Jersey in early January 2024. There were 23 candidates in total for the two roles, of whom 7 candidates were shortlisted for interview.
All shortlisted candidates were interviewed by a panel chaired by Chris Stephenson , Chair of the Jersey Appointments Commission, and including Jill Britton, Director General, Jersey Financial Services Commission; Richard Bell, Treasurer, Government of Jersey; and Thomas Holvey, Chief Economic Advisor, Government of Jersey.
As a result, the Minister gives notice of her intention to appoint:
• Sir Jon Cunliffe CB on 1 June 2024 as Chair for a period of 5 years and
• Amanda Rowlatt CBE on 1 July 2024 for a period of 5 years.
The Jersey Appointments Commission was fully involved in the process of selection of Chair of the Fiscal Policy Panel. The Jersey Appointments Commission endorses the proposed candidates Jon Cunliffe and Amanda Rowlatt who were successful in a highly competitive pool of applicants.
Sir Jon Cunliffe, CB
For ten years to 2023 Sir Jon Cunliffe CB held the post of Deputy Governor Financial Stability at the Bank of England, responsible for the Financial Stability function of the Bank, for supervision of financial market infrastructure and payment systems, and for international engagement. His experience included roles as Deputy Chair of the Bank of England Financial Policy and Prudential Regulation Committees; Chair of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures; a voting member of the Monetary Policy Committee; Member of the BIS Committee on the Global Financial System; and Member of the G20 Financial Stability Board.
Prior to that, Jon had an extensive career as a senior UK Government official: in the Foreign and Commonwealth Office as the UK Permanent Representative to the EU; in the Cabinet Office advising the Prime Minister on the EU and global economic policy and acting as G20 and G8 Sherpa'; and many roles within HM Treasury with responsibilities including UK macroeconomic policy, international and EU policy and financial services and the Government's representative at the meetings of the Bank's Monetary Policy Committee.
R.79/2024
Jon has deep expertise of macro-economic and financial system surveillance, the international financial system, risk assessment and policy making, as well as a proven track record chairing a wide range of senior committees and advising government ministers, prime ministers and parliamentarians.
Remuneration
The remuneration for the Chair will be £50,000 per annum.
Amanda Rowlatt, CBE
Amanda Rowlatt is a highly experienced UK Government Chief Economist, whose work has included advising Ministers on spending decisions and macroeconomic policy in several UK Government departments. For the last ten years, Amanda has held the position of Chief Analyst and Chief Economist at the Department for Transport providing analytical advice on spending decisions, policies and regulation.
Her previous roles as Chief Analyst and Chief Economist at the Department for Business, Innovation and Skills and as Chief Economist and Director for Families and Child Poverty at the Department for Work and Pensions involved her leading analysis of productivity and employment to advise Ministers on growth and macroeconomic policy. Amanda also held the role of Chief Economist at the Competition Commission and at the Office for National Statistics.
Amanda has extensive knowledge of macroeconomic statistics and experience of advising ministers and other stakeholders on macroeconomic policy, as well as wide- ranging experience as a non-executive director in the public and charity sectors and as a board member.
Remuneration
The remuneration for the Member will be £24,000 per annum.
Minister for Treasury and Resources