Whatever happened to Revive and Thrive?

Its reference to the revolving credit facility – that’s another form of States’ borrowing – agreed by the ‘virtual’ States as we came out of the 2020 lockdown, and enthusiastic reference to Deputy Lyndon Trott, almost certainly positions it before that year’s general election.

One of the questions raised as part of these ‘facts’ is the apparently rhetorical point: Should the States borrow to fund recovery?

‘Yes,’ is the very clear answer given. Recovering ‘wealth’ in our economy without intervention would take up to a decade, Policy & Resources said.

It goes on to promote investment in the island’s recovery. ‘A fiscal stimulus could be provided to our economy that would help create jobs and opportunity as well as improving our environment and our infrastructure. This gap in the public finances could be covered in the short term to allow our public services to continue to keep us safe and healthy. We could revive our economy and then thrive.’

One can also sense the dating by a reference to ‘strong and stable public finances’. ‘Can we afford not to?’ it closes.

Some strange ‘facts’ there.

But almost more importantly, whatever happened to Revive and Thrive? The Government Work Plan went big on ‘recovery actions’ for a while, before those actions turned into ‘business as usual’. And at one point, that also carried a plan for £200m.-worth of borrowing, not required in the next iteration of the plan a year later.

This latest suggestion of more borrowing to fund capital projects doesn’t seem like a Revive and Thrive measure, however. More a desperate move to avoid a very difficult decision over capital priorities.