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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY T.A. VALLOIS OF ST. SAVIOUR
ANSWER TO BE TABLED ON TUESDAY 19th JANUARY 2010
Question
Could the Minister advise how much of the £112 million, set aside for automatic stabilisers, was used in 2009, which departments received monies and whether the Minister has a forecast of how much of these funds will be used during the first two quarters of 2010?
Answer
There is no intention for any of the £112 million set aside for automatic stabilisers to be used in 2009.
The 11(8) additional funds of up to £3,100,000 approved for Social Security in 2009 as a result of the economic downturn has currently drawn £2,411,000 from the Consolidated Fund.
The amounts forecasted to be required in 2010 and 2011 will not be allocated directly to departments; instead they have been allocated the cash limits they require to fulfil their objectives and the shortfall in the Consolidated Fund as a result of reduced tax revenues and increased income support costs will be covered by a transfer from the Stabilisation fund. The predicted requirement for 2010 is £37 million and in 2011 £68 million based on the forecasts prepared for the 2010 Budget.