States finances – “bring in an independent expert”

Tuesday 26 August 2014

We need an independent audit of States accounts to get a clear picture of what is going on, according to a former chief officer who now sits in the States.

Deputy John Young says that the first job of whoever ends up with the Treasury Minister role after the October elections should be to get someone in from outside to go through the States’ accounts.

He says that we need answers after a £95 million hole was revealed in States finances in the Budget, which is due to be debated just a week before the election. The Budget has outlined the hole in finances over the next three years because States revenues have failed to meet ambitious growth targets set by ministers, despite protestations that they would be reached.

Deputy Young – an accountant who is the former chief officer of the Planning department – said that an independent look was needed on that “black hole” as well as the £250 million housing bond and the plans to pay for the £297 million hospital.

He said: “I want an independent audit. Whoever takes the job of Treasury Minister should call for an external audit

“Under zero-ten we have lost the ability to tax corporates, so what do we do? We are putting all of our tax on individuals whose incomes are under stress and who are economic developers, and we tax spending directly through GST – and didn’t we do well?

“I shall be asking for an independent financial audit of those big decisions to take stock of what was done.”