Guernsey records surplus of £25m

24 May 17

Guernsey has recorded an increased final surplus of £25m for 2016.

This is £10m higher than had been predicted only in February by Gavin St Pier, president of the policy and resources committee of the States' Assembly – the island’s parliament.

St Pier said: “When I updated the States in February, I included the normal warning that the figures were still subject to final year-end adjustments and audit, given that staff were still finalising the 2016 accounts.

“However, it goes without saying that this further news regarding the state of public finances is positive.”

He said the extra money had arisen from additional income tax receipts and returns on investment, but warned these factors “cannot be relied on year-on-year, such as last year's excellent but exceptional performance of our investment portfolio”.

Guernsey was “well on the way” to its 3% savings target and St Pier said this should be increased to 5% in both 2018 and 2019.

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