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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY G.P. SOUTHERN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 25th NOVEMBER 2014
Question
Will the Minister inform members of the latest predictions for tax revenues for 2016 given the forecasts for economic growth in the UK, Europe, and the world, which have emerged from the latest G20 meeting, and what regard, if any, is being given to this when considering the budget for 2016?
Answer
The Treasury are in the process of updating the States income forecasts to ensure that work beginning on the new MTFP 2016-2019 and Strategic Plan are as up to date as possible. This work is being informed by new economic assumptions to 2019 provided by the States Economics Unit which take account of the latest information on the global economic outlook, including that highlighted by the OECD ahead of the G20 meeting. A further full update of all States income forecasts will be carried out in February/March 2015, following the provisional 2014 outturn figures.
Ahead of these revised figures, the current forecast of tax revenues for 2016 was provided in R136/2014, Long-Term Revenue Planning Review, alongside the 2015 Budget debate. These figures have been updated for the tax and duty proposals agreed at the budget debate in September.