The Guernsey Chamber of Commerce acknowledges the publication of the 2024 States of Guernsey Accounts and commends the transition to full compliance with International Public Sector Accounting Standards (IPSAS). This step enhances transparency and enables a clearer understanding of the financial position of the States, which is essential for informed decision-making and economic confidence.
However, the reported £44 million operating deficit in the core accounts and the underlying structural deficit of around £56 million annually continue to raise serious concerns. These figures underscore the urgent need for a strategic and sustainable approach to tax reform, fiscal discipline, and policy for economic growth.
Chamber continues to advocate for:
- Urgent clarity and action from the incoming Assembly on how it plans to address the growing fiscal deficit, in a way that supports long-term stability without undermining competitiveness in key sectors of the economy.
- Public sector efficiency and modernisation, including a focus on scaled technology solutions and improved productivity in service delivery.
- Support for economic enablement, ensuring that private sector growth and investment are incentivised through careful risk taking and not hindered by reactionary tax or spending decisions.
- Collaborative dialogue with the business community to co-develop practical solutions that align fiscal responsibility with economic opportunity.
As the island moves toward a new political term, Chamber stands ready to work constructively with the next Assembly to shape a resilient, innovative, and sustainable future for Guernsey.
