IT does not generally pay to bite a feeding hand any more than it does to look a gift horse in the mouth.

Nevertheless, wise people always take care to be very wary, metaphorically speaking, of Greeks bearing gifts. Appropriate caution, therefore, is being demonstrated by the Island’s new Treasury Minister, Senator Philip Ozouf, who has wasted no time in rejecting an offer from a consortium of wealthy businessmen who are eager to fund major public sector projects in the Island.

Quite rightly, Senator Ozouf has pointed out that Jersey has an enduring tradition of avoiding debt as a way of financing capital projects. There is no reason to undermine this time-honoured principle even in these admittedly difficult economic conditions.

The consortium might say that capital will be scarce in coming months and even years, but in the specific case of the States and its spending plans, this does not appear to be an issue. As has been explained, there are many millions in the Stabilisation Fund and the Strategic Reserve. In addition, present cash balances can be counted upon to pay for the planned new incinerator – a project estimated to cost at least £100 million.

Senator Ozouf has so far confined his remarks on the businessmen’s idea to an explanation of why their money is unlikely to be needed. It is, however, likely that questions about the consortium’s motivation have crossed his and other people’s minds.

It would be churlish and unfair to suggest that movers and shakers in the business world are incapable of acting out of concern for the welfare of a community. That said, though philanthropy is very likely to feature somewhere in the plan now on the table, it is hard not to believe that the real driving force is keenness to strike good and profitable deals.

There are, of course, circumstances in which public-private partnerships may make eminently good sense. But such partnerships also present problems, notably because it can become unclear whether government or an unelected and unaccountable commercial body is calling the shots.

With this – and the relatively good health of our public finances – in mind, Senator Ozouf is undoubtedly right to have said a polite ‘thanks, but no thanks’ to this offer of private largesse.