Who listens to fiscal experts?

The panel’s report, covered in the Jersey Evening Post, carries the headline ‘This is not the time for a fiscal stimulus’. When many voters are crying out for help from their government, during the worst cost-of-living crisis in years, the experts are telling that same government to stick money in reserves, not to launch tax-cutting mini-Budgets to help the needy.

Jersey’s fiscal policy is looser than recommended, they say, which carries the risk of overheating the economy and higher inflation, already predicted to hit 12% in the island by the year-end.

The cost of housing is a priority, but interventions which would boost demand and prices must be avoided, while Jersey’s Climate Emergency Fund won’t cover the costs of financing the transition to net-zero.

It’s also very notable how different the approach is in Jersey to the similar problem they have to us – population and demographics. While in Guernsey it’s the cause of most of our woes, and a seemingly inevitable big hike in taxes, Jersey looks on at £2bn in its Social Security fund and reserve, and gently warns that contribution rates are going to have to rise 4% over the next 25 years.