No black hole here, says Guernsey

Friday 26th October 2007, 12:00AM BST.

GUERNSEY say that they have no ‘black hole’ and will cope with their corporate tax shortfall without any new taxes.

They say that the projected zero-ten deficit is down to £25m and that interest from their Strategic Reserve will carry them through. Jersey, on the other hand, is predicting a black hole of more than £90 million and is introducing a Goods and Services Tax to help fill half of it from next year. St Helier Constable Simon Crowcroft, who this week met Guernsey’s Treasury and Resources Minister, Lyndon Trott, says their approach of getting more out of social security, economic growth and efficiency savings is a solid one.

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