Guernsey's deficit worse than forecast

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Guernsey's deficit worse than forecast

Post by GD on Fri 16 Nov 2012, 5:33 pm

Guernsey's Treasury has revealed the States deficit is 4m worse than forecast, standing at 31m.

The figures are revealed in the 2013 Budget out today.

The deficit level is being blamed on big drop in the estimate of income tax receipts and a sluggish performance from the banking sector.

The budget also reveals plans to scrap mortgage interest relief.

Initially the department intends to cut the threshold for relief from 400,000 to 350,000 from the start of 2014, and it would gradually be phased out after that.

Meanwhile, hikes are coming in for tax on real property and duty on fuel and alcohol, but only of 3%, in line with inflation.

Tobacco duty is rising by 6%.

The Treasury has also revealed the States have come in under budget for this year, but two departments did overspend.

Social Security came in 2m over budget, while Health and Social Services overspent by 1.5m


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