States show way on the OM doubts
OVER the holiday period, The Guernsey Press has come in for criticism because of its highlighting the wide-ranging review of population management and possible changes to the open market sector.
OVER the holiday period, The Guernsey Press has come in for criticism because of its highlighting the wide-ranging review of population management and possible changes to the open market sector.
The reason? Because the publications were supposedly flimsily based and overly sensational.
Yet, as we report on page one today, even the States itself has been moved to write to some buyers on the open market and ask them to agree not to sue government if their property loses value as a result of the changes.
That, of course, comes in the wake of the Treasury minister telling the Assembly last November that the sale of Fort Richmond would be facilitated by putting it on the open market register – but that was not appropriate at that stage because of the review of the island's housing laws.
To be clear, we do not know what will be proposed. The preparatory work leading to the pending publication of a consultative document has been conducted in stealth and although States members have been involved in that, they have been urged to say nothing.
It may be that no amendments will be proposed.
However, the early thinking was for significant change that would have ended the sector in its current form to the extent that compensation for loss of value was an issue taken into consideration – a possible factor recognised by Housing in our latest publication today.
What is fair to say, however, is that the open market will be a comparatively minor part – no matter how important to the individuals involved – of a much wider review of how the island manages its population for the benefit of the economy, the environment and sustainability as a whole.
It is also correct to say that the open market sector is very different to that envisaged when it was effectively created in 1957 as a way of generating new revenue for the island from wealthy, retired rentiers living off investment income.
While whatever changes to the sector remain unclear, it is also a safe bet that Guernsey will want more of whatever benefits there are from the open market – not less.
