Spending warning from Chamber of Commerce

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Spending warning from Chamber of Commerce

Post by GD on Mon 15 Aug 2011, 5:22 pm

The Head of Guernsey's Chamber of Commerce has warned the States they must keep spending frozen in real terms, and avoid any borrowing.

Julian Winser spoke to politicians and business leaders today about the world economic crisis, and what it means for Guernsey.

He warned the strength of the US dollar is dwindling, and the Euro may disappear altogether, while Asian economies like China and India over-take western 'developed' countries, becoming the 'people who are going to be running the world'.

But he believes that while Guernsey avoids over-spending as an island, and remains debt-free, it should avoid many of the problems being seen in Europe and the USA. (from CTV)


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