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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY R.G. LE HÉRISSIER OF ST. SAVIOUR
ANSWER TO BE TABLED ON TUESDAY 24th MARCH 2009
Question
Has the remit of the Fiscal Policy Panel been broadened and, if so, how, and how does its revised remit overlap with the remits of the States Economic Adviser and relevant Treasury staff?
Answer
The Fiscal Policy Panel's remit has not been broadened and remains that agreed by the States as part of P133/2006 and the new Fiscal Framework. That is, they are an independent panel of leading economists who publish an annual report each year covering their views on economic conditions and the States' finances, with particular reference to the States economic objectives. Their advice covers the need for running surpluses/deficits and whether funds could be withdrawn from/paid into the Stabilisation Fund. The Treasury and Resources Minister is entitled to ask for an update to their report at any point in the year should economic conditions change.
In keeping with that remit the Fiscal Policy Panel will publish their annual report this year in early May to fit in with the States Strategic Planning process and the Minister has asked them to update their last report from November before he brings forward a fiscal stimulus package to the States in April.