11 September 2007
The Treasury and Resources Minister is proposing that three prominent European economists form the panel which will advise the Minister and the States on the Island’s future tax and spending policy. Their advice will play an important part in keeping States’ economic policy focused on its objectives of economic growth, providing employment opportunities for local people and low inflation.
Members of the panel were selected by an objective assessment process overseen by the Jersey Appointments Commission, following the placement of a national advertisement aimed at attracting candidates of international stature.
The Fiscal Policy Panel, which is part of the new fiscal framework designed to maximise Jersey’s future economic prosperity, will advise on medium to long term tax and spending policies. Their role is to gauge the strength of the Island’s economy; its position in the economic cycle; and the outlook for both Jersey and the world’s economies. Specifically, they will advise on whether economic conditions justify the States running surpluses or deficits, to what extent and should funds be transferred to or from the new Stabilisation Fund.
The Minister for Treasury and Resources, Senator Terry Le Sueur is lodging a proposition seeking States approval for their appointment. The States has already agreed that a Fiscal Policy Panel should be established, made up of leading independent economists, bringing together the right mix of experience and skills.
Senator Le Sueur said: “The appointment of a Fiscal Policy Panel is a bold and innovative new approach to economic policy and I am delighted that we have been able to propose the appointment of these three highly qualified and well respected individuals.”
The three proposed panel members are Christopher Allsopp CBE, a fellow of New College and reader in Economic Policy at the University of Oxford and former member of the Monetary Policy Committee of the Bank of England; Marian Bell CBE, also a former member of the Monetary Policy Committee and previous head of Treasury and Capital Markets Research at The Royal Bank of Scotland, and Joly Dixon CMG, a former Director of International Economic Affairs for the European Commission Directorate General for Economic and Financial Affairs.
Senator Le Sueur said: “These economists’ international experience and knowledge of fiscal policy will provide the insight which Jersey needs to reinforce far sighted, disciplined fiscal policy. We now have the important building blocks for a successful future in place. We have revised our tax framework, we have created an environment for economic growth, and we are delivering services more efficiently. The appointment of the Fiscal Policy Panel is another important aspect of this work, which I believe will ensure Jersey’s future prosperity.”
The panel will deliver an annual report in or about September each year for the Treasury and Resources Minister to present to the States.
Following the appointment process overseen by the Jersey Appointments Commission and chaired by Mike Liston, the interview panel was unanimous in its recommendation to the Minister that the three candidates should be appointed to the Fiscal Policy Panel and that Mr Dixon be appointed Chairman.
-ENDS-
Notes for Editors
1. Information about the candidates:
Christopher Allsopp CBE – A Fellow of New College and Reader in Economic Policy at the University of Oxford. A former member of the UK’s Monetary Policy Committee (2000-2003) and of the Court of Directors for the Bank of England. He has recently completed an independent review of UK Statistics for Economic Policymaking (the Allsopp Review). Previously he has advised HM Treasury, the OECD and the Bank of England and has had extensive involvement with other international institutions and private sector organisations.
Marian Bell CBE – A former member of the Monetary Policy Committee of the Bank of England (2002-2005). Prior to that, Marian held posts at The Royal Bank of Scotland where, inter alia, she set up and managed the Treasury and Capital Markets Research function, covering interest rate, fixed income and currency markets for the major economies and an Economic Adviser at HM Treasury where she worked on modelling and forecasting the UK economy for fiscal policy purposes. She set up alpha economics in September 2000 to undertake independent research and consultancy. Marian has degrees from the Universities of Oxford and London..
Joly Dixon CMG – Worked for nearly 30 years at the European Commission, and was Director for International Economic Affairs in the Directorate General for Economic and Financial Affairs from 1992 to 2003. For the previous five and a half years he was a member of the cabinet of President Jacques Delors, concentrating on economic and monetary issues. He was also appointed Deputy Special Representative of the Secretary General in the United Nations Mission in Kosovo (1999-2000), where he headed the EU’s mission in charge of economic reconstruction. He has also worked extensively on taxation reform in Bosnia, where until recently he was Chairman of the Indirect Tax Authority. He is a member of the UK Statistics Commission and a Fellow of the Royal Statistics Society.
2. For further information please contact Senator Le Sueur on 863994, or the Economic
Adviser, Dougie Peedle, on 440446.
gov.je