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States accounts reveal 'black hole' has shrunk

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GUERNSEY'S fiscal 'black hole' shrank last year, latest figures have revealed.

GUERNSEY'S fiscal 'black hole' shrank last year, latest figures have revealed.

Treasury and Resources yesterday published the States Accounts for 2012.

It shows that departments' spending last year reduced in real terms and that the overall financial position of the States is improving.

At the start of the year Treasury predicted the island would be left with a £27m. deficit at the end of 2012.

However, after increased income and less-than-expected expenditure, the black hole was down to £20m.

That represented a reduction of more than £4m. from the position at the end of 2011, when it stood at £24.3m.

'While this is relatively good news, and shows that the States' finances are now heading in the right direction, there is nothing to be complacent about,' deputy Treasury minister Jan Kuttelwascher, pictured, said.

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