Guernsey States continues to cut deficit

Related Stories

The deficit in Guernsey's government finances has reduced again.

Figures released in the latest States' accounts show the government's annual debt was reduced from £24m at the end of 2011 to £20m at the end of 2012.

Deputy Treasury Minister Jan Kuttelwascher said meeting savings targets and restraining spending was "absolutely essential".

He said this would allow the States to return to a balanced budget.

Scrapping corporation tax

Deputy Kuttelwascher said: "While this is relatively good news, and shows that the States' finances are now heading in the right direction, there is nothing to be complacent about."

The Health and Social Services Department was the only States department to overspend, going £2.2m over its budget to spend a total of £111m.

A total of £8.8m of savings were made under the Financial Transformation Programme, which was brought in during 2009 as a way of dealing with the impact of scrapping corporation tax.

The move aims to cut £31m from the States annual spending by 2014 and by the end of last year £10.8m of ongoing savings had been made.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Guernsey


Guernsey Airport

21 °C 18 °C

Features & Analysis

  • Dr Mahinder Watsa Dr Sex

    The wisecracking 90-year-old whose advice column is a cult hit

  • Payton McKinnonKilling heat

    Why so many American children die in hot cars

  • Vice-President Joe Biden.President Biden?

    Struggling in the shadow of a potential Hillary Clinton campaign

  • USA fanSoccer punch

    Has the US finally fallen in love with the beautiful game? BBC Sport

Elsewhere on the BBC

  • Kyoto.Falling for Kyoto

    Acclaimed writer Pico Iyer describes an enchanting first stroll through the city


  • (File photo) Usain BoltClick Watch

    Challenging the world's fastest man to a virtual race over 40m – can you keep up?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.