Guernsey States accounts reveal 17m deficit in 2010

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Guernsey States accounts reveal 17m deficit in 2010

Post by GD on Wed 04 May 2011, 6:22 pm

Guernsey spent 17m more than it earned in 2010, according to accounts released by the Treasury and Resources minister.
Deputy Charles Parkinson said the island's income had reduced because of a strategy of low corporate taxation and because of the economic downturn.
However he described the accounts as positive and said they showed "that a balanced budget can be achieved without the introduction of new taxes".
Guernsey's overall reserves stood at 646.3m at the end of 2010.
The island's revenue from individuals' income tax fell by 10.3m compared to 2009 and that from companies by 6.4m.
The accounts showed the only one of the island's 10 government department's to exceed its 2010 budget was Health and Social Services, which overspent by 2.2m.
Deputy Parkinson described the figure as disappointing but not unexpected and noted that the department had managed to reduce its spending on off-island treatment by 13% to 16.3m. (from BBC)


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