Actually it's a not-such-good-news Budget

Current forecasts suggest real growth in Gross Value Added (GVA) of between 2 and 5% in 2021, which would recover all the expected Covid retraction in 2020.

The Policy & Resources Committee says that the strength of recovery – underpinned by a staggering leap in income tax receipts over the past few months – is now well established, leaving the island in a far better position than could have been expected 12 months ago.

But there are caveats to this economic success too.

P&R good news: ‘The local economy is mature and already highly specialised in high-value activities which means that the workforce is already more productive than most other jurisdictions.’

Caveat: The next economic stage after mature is take off, or inevitable decline.

P&R good news: ‘This workforce, which is already under pressure as the population ages, operates at levels of unemployment low by international standards with high participation rates.’

Caveat: P&R says it itself… workforce already under pressure as the population ages.

P&R good news: ‘Guernsey’s current economic position is enviable, but it means that economic gains are harder to achieve.’

Caveat: Again P&R has done the work for us.

And that’s before the senior States committee flags up other economic risks – many external factors over which the island has very limited control, and government finances susceptible to the ups and downs of the wider economic environment.

Pressures on global supply chains and recruitment issues place upward pressures on price and wage inflation too. The States has already priced in a rise in inflation in its budget calculations. It is set to become a significant issue for the first time in more than a decade.

The island may be entitled to congratulate itself for the way it has come through Covid.

But future prospects are a real challenge requiring even more skilful handling.