Policy & Resources Committee - P.2020/91
Amendment 1 - Deputy Roffey & Deputy Graham [244kb] Amendment 2 - Deputy Dudley-Owen & Deputy McSwiggan [586kb] Amendment 3 - Deputy Le Tocq & Deputy St Pier [239kb] Amendment 4 - Deputy Roffey & Deputy Graham [187kb] Amendment 5 - Deputy Roffey & Deputy Graham [187kb] Amendment 6 - Deputy Tooley & Deputy de Sausmarez [272kb] Amendment 7 - Deputy de Sausmarez & Deputy Tooley [236kb] Amendment 8 - Deputy Le Tocq & Deputy St Pier [224kb] Amendment 9 - Deputy Le Tocq & Deputy St Pier [177kb] Amendment 10 - Deputy Merrett & Deputy Oliver [177kb]
Proposition in pursuance of Rule 18 submitted by the President of the Policy & Resources Committee
The States are asked to decide:
Whether, after consideration of the policy letter entitled 'Covid-19 Pandemic - Funding of Financial Response' of the Policy & Resources Committee, they are of the opinion:
1. To delegate authority to the Policy & Resources Committee to approve financial support measures for businesses as a result of the Covid-19 pandemic, of up to £100million, to be funded from the Core Investment Reserve.
That, notwithstanding -
2. i. the Resolution of the States of the 16th January, 2020 on Article V (proposition 1) of Billet d'État no. I of 2020, to adopt the Fiscal Policy Framework and its Principles as outlined in Section 5 of the Policy Letter entitled "Review of the Fiscal Policy Framework and Fiscal Pressures", and
ii. Principle 7 of those Principles (States' total debt should not exceed 15% of GDP) and the first two items thereof (that Gross debt can be deployed only to finance the investment in infrastructure or assets and that Any project or acquisition supported with recourse to government debt must be able to generate sufficient revenue to meet the repayment of that debt), the Policy & Resources Committee shall be authorised to enter into external borrowing facilities of an amount not exceeding £500,000,000, on such terms and conditions as the said Committee shall deem appropriate.
The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4 (1) of the Rules of Procedure of the States of Deliberation and their Committees.
