Money, money, money!

Tuesday 23rd October 2007, 12:00AM BST.

WE’VE got money coming out of our ears.’ Those infamous words of Jersey’s chancellor in the 1980s could be repeated today as a predicted Budget deficit of £3 million turns into a surplus of £38 million.

And the news is bound to fuel the ‘stall GST’ debate. Economic growth has pushed up tax receipts and made a big dent in the deficits expected after 2010. The Budget, lodged with the States this morning by Treasury Minister Terry Le Sueur for debate in December, reveals plans to tax Islanders and businesses to the tune of £580m next year, with the usual above-inflation increases in duty on alcohol and cigarettes.

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