Serious on economic development?

The so-called Budget for tomorrow, Budget for growth, etc, hangs its hat on finding the cash – that’s your extra 2p on income tax – to spend on infrastructure and economic well-being. In other words, for the things you want, that the island needs, not just splashing out on increasing the public sector workforce (although there’s quite a bit of that in the report too).

A lot of this economic well-being would come, if it comes at all, through a lengthy chain of recycling. Spending on infrastructure, and looking at knock-on, trickle-down benefits through reinvestment.

Spending earmarked directly for the economy is verging on the risible. There is money set aside next year, about £2.5m., for maintaining standards as a finance centre, support for marketing and tourism and backing for air and sea routes.

Then there is the golden bullet – up to £2.5m. matched funding (and a good deal on some prime real estate) for a putative Victor Hugo Centre.

But this gives rise to some concerns. The project is probably four years off realisation, so hardly the economic boost we’re looking for now, and it also has the hint of government picking winners (when nobody knows if this project will actually come to fruition).

The reality falls short of the billing. Maybe, if P&R secures its extra cash, it’s time to think more seriously about economic development.