Proposed Budget 2027-2030

PROPOSITION

THE STATES are asked to decide whether they are of opinion

to receive the Budget 2027 – 2030 specified in Article 9(1) of the Public Finances (Jersey) Law 2019 (the Law) and specifically –

1. to approve the estimate of total States income to be paid into the General Revenue Fund in 2027 as set out in Appendix 2 – Summary Table 1 to the Report, which is inclusive of the proposed taxation and impôts duties changes outlined in the Budget, in line  with Article 9(2)(a) of the Law;
2. to approve the estimate of total States income to be paid into the Jersey Capital Investment Fund in 2027 as set out in Appendix 2 – Summary Table 2 to the Report, which is inclusive of the proposed taxation and impôts duties changes outlined in the Budget, in line with Article 9(2)(b) of the Law;
3. to approve the proposed amount to be appropriated from the General Revenue Fund for 2027, for each head of expenditure, being gross expenditure less estimated income (if any), in line with Articles 9(2)(c), 10(1) and 10(2) of the Law, and set out in Appendix 2 – Summary Tables 3 of the Report;
4. to approve the proposed amount to be appropriated from the Jersey Capital Investment Fund for 2027, for each head of expenditure, being gross expenditure less estimated income (if any), in line with Articles 9(2)(d), 10(1) and 10(2) of the Law, and set out in Appendix 2 – Summary Tables 4 and 5 of the Report;
5. to approve the transfers from one States fund to another for 2027 of up to and including the amounts set in Appendix 2 – Summary Table 6 in line with Article 9(2)(e) of the Law;
6. to  approve  the  proposed  Changes  to  Approval  for financing/borrowing for 2027, as shown in Appendix 2 – Summary Table 7 to the Report, which may be obtained by the Minister for Treasury and Resources, as and when required, in line with Article 9 (2)(f) of the Law, of up to those revised approval amounts;
7. to approve for each project that is to be started in 2027 and that has not previously been set out in an approved Budget, the total cost of each such project, in line with Article 9(2)(g), and (h) of the Law and as set out in Appendix 2 – Summary Table 8 to the Report;
8. to approve any amendments to the proposed total cost for each project that has previously been approved in a Budget, in line with Article 9(2)(i) of the Law and as set out in Appendix 2 – Summary Table 8 to the Report;

9. to approve the estimated income, being estimated gross income less expenditure, that each States trading operation will pay into its trading fund in 2027 in line with Article 9(2)(j) of the Law and set out in Appendix 2 – Summary Table 9 to the Report;
10. to approve the proposed amount to be appropriated from each States trading  operation's  trading  fund  for  2027  for  each  head  of expenditure in line with Article 9(2)(k) of the Law and set out in Appendix 2 – Summary Table 10 to the Report;
11. to approve the estimated income and expenditure proposals for the Climate  Emergency  Fund  for  2027,  in  line  with  the  terms  of reference for the Fund in Government Plan 2020 - 2023 as set out in Appendix 2 – Summary Table 11 to the Report; and
12. to approve, in accordance with Article 9(1) of the Law, the Budget 2027-2030, as set out in the Appendix to the accompanying Report.

COUNCIL OF MINISTERS

REPORT Introduction

In accordance with Articles 9(1) and 15 of the Public Finances (Jersey) Law 2019, the Council of Ministers presents the Budget 2027-2030, which is included below, and seeks the approval of the States Assembly.

Article 9(1) of the Public Finances (Jersey) Law 2019 provides that the Council of Ministers must prepare a Budget and lodge it in sufficient time for the States to debate and approve it before the start of the next financial year.

Article 15 of the Public Finances (Jersey) Law 2019 sets out the effect of the approval by the States Assembly of a Budget.

Structure of the Budget

Public Finances (Jersey) Law 2019 Part 3 sets out the statutory content and scope for the Budget and is set out in the Proposition above, for ease of reference. This requires certain specific information to be included within the Budget and also requires the Council of Ministers to provide any other information that the Council of Ministers believes that the States may reasonably expect to need in order to consider the matters required to be set out in the Budget. The Budget 2027-2030, included below, sets out this information.

Draft Legislation containing a Taxation Draft and Social Security amendments Amendments to the lodged Budget 2027-2030

States  Members  seeking  to  amend  the  Budget  2027-2030 are  asked  to  note  that the Public Finances (Jersey) Law 2019 provides:

"13 Amendment to lodged budget

1. An amendment to a lodged budget may, in addition to proposing the amendment to the budget, propose –

1. the amendment of any enactment that imposes a tax or provides for the administration of a tax (whether or not the Minister has lodged a taxation draft that would amend the enactment); or
2. the imposition of a new tax.

2. A person, committee or panel who intends to propose an amendment to any element of a lodged budget referred to in Article 9(2) must, in preparing the amendment, take into account the impact of the amendment on –

1. the States' finances;
2. the medium-term and long-term sustainability of the States' finances and the outlook for the economy in Jersey; and
3. the  sustainable  well-being  of  the inhabitants  of  Jersey  over  successive generations."

In addition, it states that:

"14 Li mitations on approval

The States must not approve a budget that would –

1. show a negative balance in the General Revenue Fund and Jersey Capital Investment Fund at the end of any first financial year covered by the plan; or
2. authorise the transfer of money between one States fund and another in a manner that is inconsistent with any enactment or with the terms of a States fund."

Effect of Approval of the Budget 2027-2030

The Public Finances (Jersey) Law 2019 also outlines the impacts following the approval of the Budget:

"15 Effect of approval

1. The approval by the States of a budget is an approval of the appropriations, financing and transfers set out in the plan for the first financial year it covers, such that in that year –

1. an amount of not more than an approved appropriation may be withdrawn from the General Revenue Fund and spent in accordance with the budget;
2. a States body or area of operation specified under Article 9(8) may withdraw from the General Revenue Fund and Jersey Capital Investment Fund an amount, to be spent on the related head of expenditure, of not more than the lesser of –

1. the amount of income that is earned by, or is attributable to, the States body or area of operation in that year, and
2. the amount, set out in the plan under Article 9(8) in relation to the head of expenditure, of the estimated income of the States body or area of operation;

3. a States trading operation may withdraw from its fund an amount of not more than the approved appropriation and spend it in accordance with the Budget;
4. the Minister may arrange financing in accordance with the Budget; and
5. money  may  be  transferred  between  States  funds  in  accordance  with the Budget.

2. The approval by the States of a Budget is also an approval of –

1. the designation of a project, set out in the Budget
2. the  undertaking  of  projects  that  are  set  out  in,  or  designated  under, the budget and
3. the proposed total cost, from start to finish, of each of those projects.

3. The approval by the States of a Budget Authorises the Minister to direct how an approved appropriation for a reserve head of expenditure in the Budget may be spent (including on another head of expenditure) in the first financial year covered by the Budget.  

4. Is not an approval of any appropriations, financing or transfers for the years following the first financial year covered by the Budget"

Children's Rights Impact Assessment

A Children's Rights Impact Assessment (CRIA) has not been prepared in relation to this proposition as a CRIA is not required, in accordance with Schedule 2 to the Children (Convention Rights) (Jersey) Law 2022.

SEPT 2026

Proposed Budget

2027 -2030

PROPOSED BUDGET 2027 – 2030 2

CONTENTS

Budget in Brief  3 Foreword from the Chief Minister  6 Foreword from the Minister for Treasury and Resources  8 Economic Context  11 Sustainable Wellbeing  14 Financial Strategy  24 General Revenue Income  31 Public Sector Spending 2027-2030  45 Capital Programme 2027-2030  57 The Government of Jersey Balance Sheet and States Funds  74 Financial Matters Under Development  94 Appendix 1: Key to Abbreviations  98 Appendix 2: Proposition and Summary Tables  100 Appendix 3: Supplementary Financial Tables  107 Appendix 4: Technical and Administrative Tax Measures  118

Budget in brief

The Budget sets out the income and expenditure proposals for the next 4 years. It also shows how taxpayers' money is spent on delivering services, infrastructure and facilities to Islanders. The Budget builds on the Council of Ministers' Common Strategic Policy 2026-2030.

For more information on the Government's priorities for 2027, visit gov.je/GovernmentProgramme.

2027 Highlights:

General Revenue Income:  Government spending on  Investment in buildings, delivering services to Islanders:  infrastructure, IT and

new hospital:

2027 balance in the  2027 balance in the Social  2027 net public assets: Strategic Reserve:  Security Funds:

£9.5bn

Investment in maintaining  Supporting Islanders with the Health and Care Jersey  Cost of Li ving including services:  higher tax allowances and

targeted financial support:

£10.0m  £13.5m

New investment in services responding to Violence Against Women & Girls legislation:

£5.0m

Budget measures for 2027

Personal income tax thresholds and child allowances

£100

£600  Increase in child allowance

£150  

Increase in additional allowance

£ Infocr irnedaivseidu als £250

Increase in childcare tax relief from £21,250 to  £600

£21,850

Increase in higher childcare tax relief

Alcohol duty

+1p   +5p  

Increase in a  Increase in a pint of draught beer  75cl bottle of wine

Tobacco duty Vehicle Emissions Duty

+88p

+£1 +£347

Increase per 20 pack

Fuel Duty

+0p  

Per litre

(fuel duty frozen for 2027)

Least polluting Most polluting

CO2 emitting vehicles

Reduction in higher rate of stamp duty

3% to 2%  

Reduced 2% rate of stamp duty on non-main residence extended for 2027

Government Finances 2027

£406m (35%) Health and Care Jersey

£253m (22%) Children, Families, Education

and Li felong Learning

£117m (10%) Employment, Social Security and Housing In 2027: (excluding Finance  £81m (7%) Environment, Infrastructure, Planning and Regulation

Costs, States Grants & Central

Reserve)  £75m (6%) Justice, Home Affairs and Police

£52m (4%) Non-Ministerial and Other States Bodies

£35m (3%) Digital Services

£13m (1%) People Services

£103.7m New Healthcare Facilities £5.6m Feasibility

£27.1m Estates

£211m  £15.0m Information Technology £45m Infrastructure & Rolling Vote

in 2027: (excluding Capital  £15.0m Fort Regent Redevelopment Reserve)

£105m

Long Term care benefits (Long Term Care Fund)

£66m

£391m  Health benefits (Health in 2027:  Pension and other benefits (Social Security Fund) Insurance Fund)

Foreword from the Chief Minister

This is the first Budget of the new Council of Ministers, and it sets out a clear approach for the years ahead: supporting Islanders with today's pressures while investing in Jersey's long-term prosperity and maintaining responsible public finances.

The 2026 election gave Islanders the opportunity to make clear the issues that matter most to them. They expect us to continue with policies and projects that are working, but also to be prepared to make changes where improvements are needed.

For many households, the cost of living remains the most immediate concern. Housing, childcare and everyday living costs continue to put pressure on family budgets. Businesses are also dealing with higher costs and an increasingly competitive environment.

We are providing practical support to help put more money back into Islanders' pockets, particularly for families facing the greatest pressures. At the same time, we must ensure that the measures we introduce are affordable for the public finances and do not simply pass costs on to future generations.

Improving affordability also requires us to address some of the longer-term reasons why Jersey can be a costly place to live and do business. That means increasing the supply of homes, investing in infrastructure and skills, improving productivity and creating the conditions for economic growth.

Through the Investing in Jersey programme, supported by the Jersey Capital Investment Fund, we will continue to address long-standing infrastructure needs, including housing, education, roads, water and drainage, alongside other essential infrastructure.

We will also continue to progress major projects, including the new hospital. These are significant commitments and they must be delivered with proper financial discipline and a clear focus on value for money.

A strong economy is also essential. Economic growth is not an end in itself. It supports jobs and living standards and generates the revenues needed to fund healthcare, education and other public services without continually increasing the burden on taxpayers.

Financial and professional services remain central to our economy. Through the Time to Win programme, we will continue work to safeguard and grow the sector, reduce the cost of doing business, encourage innovation and digitalisation and maintain Jersey's competitiveness as

an international finance centre. We must also support growth and productivity across the wider economy and make it easier for businesses to invest, employ people and grow.

Alongside investment, we need continued discipline in public spending.

The previous Government began the work of controlling the size and cost of the public sector. We will continue that work, ensuring Government is appropriately sized and focused on delivering the services Islanders need.

This does not mean reducing services simply for the sake of reducing expenditure. Islanders rightly expect good-quality public services that meet modern standards.

Our responsibility is to provide those services as efficiently as possible and focus resources where they are most needed. That approach must extend beyond Government departments. We  will  expect  all  organisations  funded  by  taxpayers  to  consider  carefully  their  costs, structures and priorities and to demonstrate the public benefit they provide.

There are limits to how much additional revenue Government can reasonably raise from households and businesses. We therefore need to make choices about what Government does, what we prioritise and how public money is spent. Those choices will not always be easy, but they are necessary if we are to maintain sustainable public finances.

For that reason, the 2027 Budget takes a measured and responsible approach. It provides stability while the Council of Ministers develops a more strategic three-year programme for 2028–2030.

This will provide greater certainty about Government's priorities, spending and investment over the remainder of the term.

Our aim is straightforward: to make Jersey more affordable, maintain good public services, invest where it is needed, support a strong economy and manage public money responsibly. This Budget provides the foundation for that work and for the programme we will deliver over the remainder of this term.

Foreword from the Minister for Treasury and Resources

Budget 2027 marks a change of direction in the way we manage Jersey's public finances.

Public spending has risen substantially in recent years. Some of that additional expenditure was necessary and has delivered important benefits, but higher spending has not always produced better outcomes. We need to change that.

The principle behind this Budget is straightforward: taxpayers' money should be spent where it delivers the greatest benefit.

Government must live within its means, focus on its priorities and be prepared to make difficult choices. That does not mean cutting indiscriminately. We will continue to invest in essential public services and provide additional resources where there is a clear need. This includes above inflation investment in Health and Care Jersey.

This Budget begins the journey to restore greater discipline to day-to-day spending.

New funding has been prioritised towards commitments from the previous States Assembly such as funding to tackle Violence Against Women and Girls, investment in the Fire & Rescue Service and in the Agriculture and Fisheries sectors.

This is also a Budget of savings. We have already allocated £21 million of recurring savings for 2027 and will continue to reduce unnecessary complexity and costs across Government.

Departments will be expected to improve productivity, stop or reduce lower-priority activity and redirect existing resources towards areas of greatest need before seeking additional funding.

Value for money is not measured by how much Government spends, but by what Islanders receive in return.

Targeted support for Islanders

Financial discipline and targeted support are not competing objectives.

By controlling expenditure and making clearer choices elsewhere, we can direct help towards those who need it most.

Budget 2027 includes measures to help families across lower- and middle-income households with the cost of living.

Alongside this immediate support, Government will undertake a wider review of affordability and consider what other measures might help address it.

The longer-term solution is growing the economy. This matters not only to families today, but to Jersey's future. Jersey must remain a place where people can afford to live, work and raise a family.

Growth and competitiveness

Fiscal discipline alone will not secure Jersey's future. We need economic growth.

A productive and competitive economy creates better paid jobs, so that earnings stay ahead of the cost of living. It also generates the revenue to sustain good public services without continually increasing the burden on taxpayers.

Jersey must continue to be an attractive place in which to invest, establish and grow a business. Our international reputation and high regulatory standards are important economic assets and must be protected.

Maintaining  high  standards  does  not  require  unnecessary  complexity,  delay  or  cost. Regulation and Government decision-making should be proportionate to the risks involved and should not create unnecessary delays.

Budget  2027  continues  the  work  arising  from  the  Time  to  Win  financial  services competitiveness programme and includes practical measures intended to reduce unnecessary costs, support investment and improve Jersey's attractiveness as a place to do business.

Protecting our financial resilience

Jersey has a strong balance sheet and substantial reserves. They have helped the Island through periods of economic uncertainty and provided vital resilience during times of crisis. We must not take that strength for granted.

The Stabilisation Fund has not been replenished since it was substantially drawn down during the pandemic. The Strategic Reserve is also below the level recommended by the Fiscal Policy Panel and is currently providing the financial backstop for the New Healthcare Facilities Programme. This cannot continue.

Budget 2027 is the first Budget informed by actual receipts from Jersey's OECD Pillar Two regime. We have deliberately taken a cautious approach to windfall receipts that may be temporary or uncertain.

Income above the approved base case level will not be used to create permanent increases in day-to-day expenditure. Any windfall receipts will only be used for the new hospital at Overdale or to replenish reserves.

The principle is important: we should not fund permanent promises from temporary revenues.

Looking forward

Budget 2027 is just the beginning, not the end, of this work.

From 2028 we will move to a three-year Budget. This will allow us to look more fundamentally at how Government operates, how services are delivered, where productivity can be improved and how resources can be better directed towards the priorities that matter most to Islanders.

It will also provide a clearer long-term approach to expenditure and investment and set out a credible path to strengthen the Strategic Reserve and rebuild the Stabilisation Fund.

The three-year Budget will involve difficult choices, but it also gives us the opportunity to do things differently.

Controlling costs must go hand in hand with growing the economy. Without both, the choices become progressively harder: higher taxes, increasing debt, weaker services or greater pressure on our reserves.

Budget 2027 starts that change. The three-year Budget for 2028 to 2030 will take it further: towards stronger public finances, a more productive Government and a more resilient and competitive Jersey economy.

This is not simply about spending less. It is about spending carefully, investing in what matters most and making sure Government delivers the best possible value for Islanders' money.

Economic Context

The Global Economic Outlook

The global economy is experiencing a prolonged period of turbulence and uncertainty, but has, thus far, remained resilient in spite of escalating conflict in the Middle East and the disruption to oil supplies. The increase in fuel and commodity prices has not transmitted into more general inflation so far. With no clear timeline for a resolution of hostilities, both the International Monetary Fund and Organisation for Economic Co-operation and Development (OECD) have increased their global inflation projections in 2027. This is expected to weigh on growth and investment across the global economy.

Jersey's Economic Outlook

After three years of strong growth, Jersey's economy contracted by 0.7% in 2024. Just as the banking  sector  drove  growth  in  2021-2023,  the  reduction  in  banking  profits  drove  the contraction in growth in 2024. Excluding banking, the economy grew, with non-banking parts of financial and related professional services continuing to perform strongly. Earnings growth has been high, increasing in real terms for two consecutive years. Alongside this, inflation has remained above average levels since the 2023 peak.

Higher forecast inflation has led the Fiscal Policy Panel to revise down its 2026 growth forecast. The forecast for growth in 2027 is unchanged and has been revised up for 2028 onwards.

10 8 6 4

GDP %

2 0 -2

2

Figure 1: FPP

The forecast for inflation has been revised up. Inflation is expected to peak in 2027 at an annual average of 4.1%. Whilst much of Jersey's inflation is imported from the UK, on-island, domestically generated inflation is also expected to remain higher than average as Jersey businesses respond to rising costs.

14 12 10 8

%

6 4 2 0

RPIX RPI CPI

Figure 2: FPP Inflation outturn 2021-2025 and forecast 2026-2030. Source: FPP, Statistics Jersey

Fiscal Framework

The Fiscal Policy Panel is established by the Public Finances (Jersey) Law 2019, which enshrines its independence and sets requirements for it to provide an annual report on Jersey's economy and Government finances, and to inform the preparation of the Budget. The Council of Ministers or the Minister for Treasury and Resources can also request other reports on specific subjects.

The Fiscal Policy Panel will continue to be responsible for monitoring the application of the fiscal guidelines.

The fiscal framework remains an important pillar of Jersey's economic and fiscal policy and sets the medium and long-term aims that help to inform budgetary decision making, with particular regard to the balance of income and expenditure (i.e. budget deficits or surpluses).

The key guidelines identified in previous Budgets are to:

• Seek to increase the Strategic Reserve over the long term and public sector net worth, while heeding the advice of the Fiscal Policy Panel on borrowing and net financial assets.

• Run a structural current balance or surplus in the long-term until the Strategic Reserve is judged large enough to meet its objectives.

• Borrow only to finance investments (or refinance liabilities), except under times of economic duress, and monitor the impact on net financial assets.

The Fiscal Framework continues to be kept under review and will be updated if necessary for Budget 2028.

Sustainable Wellbeing

Island Outcomes and Sustainable Wellbeing

The proposed Common Strategic Policy (CSP) of the Council of Ministers was lodged with the States Assembly in September 2026 for debate and approval in November 2026. It sets out the priorities that are aligned with the long-term themes of the Future Jersey report[1] and the

1F1F

ten Island Outcomes arising from it. The Budget document sets out how the Government will deploy its finances to deliver these priorities, as well as the wide range of existing Government services that support the ongoing well-being of Islanders.

Future Jersey vision

The long-term vision for Jersey in 2037 was produced by the Future Jersey consultation and is captured by the vision statement:

"An Island loved for its beautiful coast and countryside, rich heritage, diverse wildlife and clean air, land and water. An Island where a sense of community really matters - a safe place to grow up and enjoy life. An Island that offers everyone the opportunity to contribute to, and share in, the success of a strong, sustainable economy."

Island Outcomes

The Island Outcomes are split across three wellbeing themes: Community, Economic and Environmental. The Public Finances (Jersey) Law 2019 requires the Council of Ministers to take into account the sustainable wellbeing (including the economic, social, environmental and cultural wellbeing) of the inhabitants of Jersey ("Islanders") over successive generations when preparing the Budget each year.

Figure 3: Island Outcomes

Progress over time towards the Island Outcomes and the sustainable wellbeing of Islanders over successive generations is monitored using the Island Outcome Indicators[2] which are updated over time and published by Statistics Jersey.  2F2F

Common Strategic Policy 2026 to 2030

In the Common Strategic Policy 2026 to 2030 (CSP), the Council of Ministers sets out its

3F3F

priorities for delivery in its term of office, which span all three sustainable wellbeing themes. The individual priorities are linked to the Island Outcomes.

Sustainable  

Priorities  Pillars  Wellbeing  Island Outcomes

Figure 4: Common Strategic Policy priorities

Sustainable Wellbeing and the Budget

The Budget contains approvals for the Council of Ministers' income estimates and spending proposals for the next four years. Importantly these spending allocations continue to fund the wide range of activities that Government is already delivering to provide services and support positive outcomes for Islanders.

The Budget approves heads of expenditure ("budgets"), the majority of which are used to fund the provision of public services which support the sustainable wellbeing of Islanders. This includes, for example, the provision of education to our children, provision of healthcare to Islanders and ensuring public safety through blue light services and the justice system.

Further detail on the amounts allocated to each head of expenditure is set out in the public sector spending section of this document. Supplementary detail for each Department is provided in the Annex to the Budget.

In their business-as-usual activity, Ministers continue to be guided by the Island Outcomes. This can take many forms. For example, when considering policy issues within their remit, Ministers take into account the well-being of Islanders and the long-term impacts of the policy. This is expressed through internal policy submissions received by Ministers, which should routinely include commentary on the effect on sustainable wellbeing.

The link between the three wellbeing themes (Community, Economic and Environmental) and some of the activities identified in the Budget is set out below.

Figure 5: Community Wellbeing

Economic Wellbeing

Figure 6: Economic Wellbeing

Figure 7: Environmental Wellbeing

Business Plans

Alongside the priorities set out in the Common Strategic Policy, departments will continue to deliver  essential  public  services  and  business  as  usual  activities.  Key  objectives  for departments, the legislative programme and areas of policy development are published in department Business Plans. The Business Plans also identify service performance measures which show how Government departments are performing in the delivery of key public

services. Information on the operational activities and structure of Government departments is available online at gov.je[3].

4F4F

Risk

Alongside the sustainable wellbeing of the inhabitants of Jersey over successive generations, the  Council  of  Ministers  also  considers  key  risks  to  Jersey  and  to  the  running  of  the Government of Jersey when considering how best to prioritise and allocate its resources. Whilst many of our risks will be being managed through existing resources, the table sets out how the most significant risks are being addressed in the Budget.

More detail on additional funding is set out in subsequent sections, and the Annex to the Budget.

Community Wellbeing

Figure 8: Community Wellbeing Risks

Economic Wellbeing

Figure 9: Economic Wellbeing Risks

Environmental Wellbeing

Figure 10: Environmental Wellbeing Risks

Government continues to develop its longer-term financial planning but already considers a range of scenarios to manage financial risk in both the medium and longer-term. We have a well-established fiscal policy, supported by the business planning process which continues to prioritise resources against the highest areas of priority and risk.

Financial Strategy

Financial Principles

The following financial principles previously established, continue for this Budget. The financial principles will be kept under review and will be developed further, for Budget 2028.

1. The Budget must take into account the sustainability, and stability of public finances.
2. Government should live within its means and maintain balanced budgets over the economic cycle.
3. Existing expenditure should be challenged and prioritised before new spending is committed.
4. Public money and public assets should deliver demonstrable value for money
5. Investment should be affordable, properly prioritised and deliverable.
6. Fees and charges should be reasonable.
7. Restrained approach to borrowing should be adopted and its use limited to long term asset investment.
8. Jersey's reserves should be strengthened to protect against economic shocks and for future generations.
9. Regulation and Government intervention should support competitiveness, investment and sustainable economic growth.

Tax Policy Principles

The following tax policy principles established in previous Budgets continue to be used in this Budget.

1. Fair and sustainable
   1. Taxation must be necessary, justifiable, and sustainable
   2. Taxes should be low, broad, simple, and fair
   3. Everyone should make an appropriate contribution to the cost of providing services, while those on the lowest incomes should be protected
2. Support broader Government Policy
   1. Taxes must be internationally competitive
   2. Taxation should support economic, environmental, and social policy
3. Efficient and effective

3.1. Taxes should be easy to implement, administer and comply with, at a reasonable cost

No individual tax measure will meet all these principles, but overall, the Island's tax regime should represent a sustainable balance of them.

Financial Strategy for 2027-2030

Budget 2027 is centred on stabilising expenditure and strengthening the Government's financial position. The Council of Ministers proposes a move to a three-year financial planning and budgeting framework for 2028 to 2030, enabling future policy choices to be developed and considered for decisions on the Island's future tax and spending priorities. Ahead of Budget 2028- 2030, Budget 2027 does however support certain priorities in the Common Strategic Policy through targeted help for Islanders, restraint in the growth of day-to-day expenditure, makes progress towards the delivery of the Investing in Jersey programme and implements the Jersey Capital Investment Fund (JCIF).

Jersey continues to benefit from a strong balance sheet, substantial reserves and a resilient economy. These strengths provide a solid foundation from which to respond to the current pressures facing Islanders today while preparing for longer-term challenges facing the Island, including an ageing population, increasing demands on health and other public services, and the need to expand capital investment to renew and sustain the Island's critical infrastructure.

The economic outlook nevertheless remains uncertain. While inflation has fallen significantly from its peak in 2022, price pressures have proved more persistent than anticipated, increasing costs for households, businesses and Government. Although the impact on the public finances has remained manageable, ongoing geopolitical uncertainty and volatility in global markets continue to present risks to economic growth, inflation and public revenues.

Against this backdrop, the Budget helps lay the foundations to improve the sustainability of the public finances through a transition to three-year budgeting intended for Budget 2028. Through tighter  control  of  recurring  expenditure,  it  returns  the  public  finances  to  surplus,  increases provisions  for  unforeseen  pressures,  strengthens  the  Island's  balance  sheet  through  the application of windfall Pillar Two receipts and thereby creates a stronger platform for longer-term decisions on spending, savings and investment.

Financial discipline alone will not secure Jersey's future prosperity. Sustainable public finances ultimately depend on a productive and growing economy. The Government's longer-term strategy will therefore combine tighter control of expenditure with measures to improve competitiveness, productivity and investment. This will include reviewing barriers created by unnecessary or disproportionate regulation, slow decision making and Government processes, while maintaining the high standards and strong reputation on which Jersey's success depends.

Cost-of-living measures provide immediate support in anticipation of structural reforms being considered. The package includes a number of time-limited measures while a wider review of affordability is undertaken, the outcomes of which will inform the next three-year Budget. Short- term targeted support is appropriate for 2027 but the sustainable answer to affordability is economic growth with stronger productivity, better paid employment and incomes which keep pace with and where possible exceed, inflation.

The Budget therefore maintains a careful balance between supporting Islanders, controlling the growth of day-to-day expenditure and investing for the future. Together, these measures provide a stronger platform for Jersey's long-term prosperity and competitiveness.

Maintaining financial stability

The uncertain economic outlook reinforces the importance of maintaining flexibility and resilience within the public finances. Higher inflation increases the cost of delivering public services, while international developments can create financial pressures that are difficult to predict when a Budget is set.

Budget  2027  therefore  places  renewed  emphasis  on  controlling  the  growth  of  day-to-day expenditure. New recurring spending has been tightly prioritised, with additional funding focused principally on fulfilling existing States Assembly commitments and the most significant risks to public  safety.  This  approach  is  supported  by  savings  measures  to  improve  efficiency  and productivity, control the overall cost and size of Government, manage growth in the public-sector pay bill and simplify the way public services are delivered.

The Budget also strengthens the contingency provisions, ensuring the Government is better placed to respond to known risks, unforeseen events and emerging pressures as they arise. Contingency is however at minimal levels and only the most urgent and important of issues, should they arise, would be accommodated within sums available.

Looking ahead, the Government intends to move towards a multi-year Budget framework covering the period 2028 to 2030, representing a significant step forward in longer-term financial planning, providing greater certainty for Islanders, businesses and public services.

A multi-year approach would allow spending, savings and investment decisions to be considered over a longer horizon, delivering efficiency, improving alignment between financial planning and the  delivery  of  strategic  priorities.  It  would  support  more  effective  management  of  major infrastructure programmes, strengthen accountability for delivery and provide greater certainty for departments to plan and deliver services efficiently.

A key feature of the Budget is the restoration of a surplus position. This is achieved by applying a strengthened measure of the underlying financial position, which offers a more rigorous test of whether recurring income is sufficient to meet public expenditure needs on a sustainable basis. Delivering  sustainable  operating  surpluses  provides  the  foundations  for  rebuilding  Jersey's capacity to withstand future economic shocks, which will be a critical priority for the next Budget.

The Budget also takes an important step towards strengthening Jersey's balance sheet by applying windfall Pillar Two receipts to the funding of Phase 1 of the New Healthcare Facilities Programme. This reduces the amount that was otherwise planned to be withdrawn from the Strategic Reserve and provides greater flexibility over the timing and cost of borrowing.

A stronger fiscal position also supports Jersey's competitiveness. It reinforces confidence in the Island's public finances, reduces the risk of future pressure on taxation and charges, and provides greater capacity to invest in the infrastructure, services and economic opportunities that will underpin future growth.

Investing in Jersey

Budget 2027 marks an important step in delivering the Government's ambition to renew Jersey's infrastructure, public buildings and public realm, in a prioritised and affordable way.

It is the first Budget to implement the Jersey Capital Investment Fund, creating a clearer and more sustainable framework for long-term investment, while protecting capital spending from short-term financial pressures.

The Fund will support delivery of Investing in Jersey, the Government's 25-year programme to renew the assets on which Islanders and the economy depend. This includes schools and public buildings, drainage and water infrastructure, roads and transport, coastal protection, housing and public spaces.

Projects will be prioritised according to need, affordability, deliverability and economic and social return, with robust business cases and value for money assessment required before significant commitments are made.

Delivering that ambition requires a strong pipeline of well-developed projects. Budget 2027 therefore provides up to £5 million for feasibility work so that detailed project proposals can be properly developed before major investment decisions are taken in the subsequent Budgets.

Together, Investing in Jersey and the Jersey Capital Investment Fund, establish a more strategic and sustainable approach to infrastructure investment. By improving the quality and resilience of the Island's assets, this programme will support economic growth, enhance quality of life and strengthen Jersey's attractiveness as a place to live, work, invest and raise a family.  

Supporting Islanders

The Budget includes a targeted package of measures, designed to help households manage cost- of-living pressures with a particular support for families and lower-income households:

• Additional financial support for nursery and childcare, for 2-to-3-year-olds;

• a £200 one-off increase paid in 2027, in the Community Cost Bonus, providing additional support to lower-income households, including pensioners;

• targeted expansion of free school meals provision to secondary schools;

• £250  family  support  payment  for  each  school  aged  child  in  low  to  middle  income households in 2027;

• doubling the Social Security parental grant provided to new parents to £1,800; and

• a freeze in fuel duty for 2027.

These measures are intended to provide practical support with everyday living costs while helping families balance work and caring responsibilities. By reducing some of the costs associated with raising children, they can support participation in the workforce and, over the longer term, contribute to sustaining Jersey's working-age population and economic prosperity.

Alongside this family-focused support, the Budget continues to prioritise assistance for those most affected by rising prices. The Community Cost Bonus provides targeted support to households,

including many lower-income pensioners, while the fuel duty freeze helps contain a cost borne by households and businesses across the Island.

Budget 2027 reflects a balanced approach to the opportunities and challenges facing Jersey. It provides targeted support for Islanders, invests in competitiveness and infrastructure, and begins the work of rebuilding financial resilience. In doing so, it seeks to ensure that Jersey remains a prosperous, affordable and sustainable Island for current and future generations.

Sustainable Public Finances

The Public Finances (Jersey) Law 2019 requires the Budget to have regard to the long-term sustainability of Jersey's public finances, helping to ensure that decisions taken today safeguard the Island's financial position for future generations.

Budget 2027 represents a material step towards further strengthening the sustainability of public finances. It is the first Budget to be prepared with the Jersey Capital Investment Fund in place, embedding a clear separation between day-to-day spending and the funding required for capital investment.

Recent Budgets have typically featured forecast operating deficits in their early years, with surpluses anticipated later in the plan resulting in budgets that were broadly balanced across the four-year budget period. Budget 2027 restores an underlying balanced position after making provisions  for  core  funding  transfers.  This  represents  an  important  improvement  on  recent Budgets, while recognising that further strengthening will be required through the 2028-2030 Budget to create meaningful fiscal headroom and resilience.

Planned surpluses are being achieved despite the adoption of a more rigorous measure of the Government's  operating  position.  Previously,  the  operating  balance  was  assessed  after depreciation, which represents an accounting estimate of the annual consumption of public assets. From 2027, the operating balance will instead be measured after core funding transfers to the Jersey Capital Investment Fund, Climate Emergency Fund and the Strategic Reserve.

This revised approach provides a more comprehensive reflection of the Government's financial sustainability by recognising the full funding required for capital investment, delivery of the Carbon Neutral Roadmap through hypothecated fuel and vehicle emissions duties, and repayments to the Strategic Reserve to support the eventual repayment of the pension bond debt.

While depreciation will continue to set a minimum contribution level, transfers will increase where future investment needs are greater. This provides a more robust assessment of the Government's financial position by demonstrating whether recurring income can support both public services and the long-term upkeep and renewal of the Island's assets.

Table 1: Summary Forecast Operating Balance

Income is forecast to increase in each year of the plan and has been revised upwards following higher than anticipated receipts in 2025. While inflation is now expected to be higher than previously forecast impacting expenditure forecasts, the improvement in income offsets the impact on the cost of delivering public services.

The volatility in underlying economic assumptions reflect the continuing international instability and reinforces the importance of maintaining flexibility in this Budget. To provide greater resilience, contingency provisions have been increased for both the General Revenue Fund and the Jersey Capital Investment Fund strengthening the Government's capacity to respond to unanticipated events.

In 2030, the Budget makes provision for the restoration of the States Grant to the Social Security Fund at to its full formula value as currently specified. This will be achieved through an offsetting savings requirement included in the plan. This approach allows time for the new Council of Ministers to review and agree actions in respect of the ongoing strategic and actuarial reviews of the Social Security Funds.

Those reviews will report in  Spring 2027 and will provide long-term projections as well as considering the future balance between contributions, States Grant funding, investment returns and the use of accumulated reserves. The conclusions of the reviews will inform the Government's longer-term strategy and future Budgets.

The financial forecast continues to take a prudent approach to Pillar Two receipts. These revenues have the potential to provide additional capacity, but their scale and durability remain uncertain. The Budget therefore avoids creating recurring spending commitments that depend on receipts above the base case forecast.

Where Pillar Two receipts exceed that forecast, the Government will use the additional capacity to strengthen Jersey's long-term position. This Budget utilises initial windfall receipts to reduce the impact of funding the New Healthcare Facilities Programme on the Strategic Reserve, which will remain the first priority for any future windfall receipts. Should income exceed the remaining financing requirement for the Programme, funds will be used to support investment through the Jersey Capital Investment Fund, rebuilding the Island's capacity to respond to economic shocks by recapitalising the Stabilisation Fund and further strengthening reserves. These priorities will be kept under review as the financial and economic position develops.

Controlling expenditure does not mean simply reducing services. The Government's objective is to deliver better outcomes from the resources already available. Ahead of the next Budget, departments will be expected to challenge existing expenditure, identify duplication and lower

priority activity, improve procurement, make better use of technology and data, and redesign services where this can improve productivity and outcomes. New spending proposals will be considered alongside opportunities to reprioritise existing budgets.

This work will support a more disciplined approach in which expenditure is directed towards the areas of greatest need and Government demonstrates more clearly the value achieved from taxpayers' money.

Over the longer term, sustainable public finances will require Jersey to manage the consequences of an ageing population, rising demand for health and care services and the need to renew the Island's infrastructure. Continued development of longer-term financial planning, supported by the ongoing Social Security reviews and wider work on health and care funding, will provide a stronger evidence base for future choices.

General Revenue Income

The Government funds ongoing annual expenditure and investment in assets through three main sources: general tax revenues, other Government income and departmental income. These three sources of revenue are paid into the General Revenue Fund.

General Tax Revenues

General tax revenues provide the main source of funding for the Government, with five main tax types.

Figure 11: Tax Types

Other Government Incomes

The Government also receives income from four other sources, as set out in the table below.

Figure 12: Other Income Sources

Departmental Income Sources

In addition to amounts paid directly to the General Revenue Fund, Government departments receive money from fees and charges for individual services. These amounts are included within individual net revenue expenditure allocations and are estimated at £146 million in 2027. The number of diverse sources of income reflects the variety of services provided by the Government. This includes fees for private patients at the hospital, school fees, fees for the disposal of inert waste, planning fees, and income from rents and our sports facilities. This income is included in revenue heads of expenditure. For Budget 2027 departmental income related to rental and leasing of assets have been transferred into the Jersey Capital Investment Fund, included within the Infrastructure (JCIF) head of expenditure.

Existing fees and charges can only be increased by more than 2.5% with the approval of the Minister for Treasury and Resources. However, some increases may be appropriate, for example to ensure user pays charges continue to reflect the underlying costs of services, subject to the impact on those paying the fees.

Special Funds, including social security funds also receive income designated to them, as well as the investment returns on fund balances. This is then used for expenditure in line with the purpose and objectives of the funds.

Latest Income Forecasts

The Income Forecasting Group (IFG) agrees the forecasts of all States income from taxation and social  security  contributions.  Membership  of  the  group  includes  senior  civil  servants,  the Government's chief economic advisor as well as external members.

The updated Income Forecasting Group forecast, which will be used as the basis for Budget 2027- 2030, reflects the latest economic assumptions produced for the forecast round by the independent Fiscal Policy Panel (FPP) in May 2026[4]. The forecast is published alongside the Budget 2027-

8F11F

2030.

The global macroeconomic outlook remains uncertain and volatile. Conflict in the Middle East has further disrupted global energy supplies, with higher oil prices placing upward pressure on inflation across the global economy. The Fiscal Policy Panel have noted that the heightened level of uncertainty increases the probability that income outturns will differ from forecast.

The Fiscal Policy Panel assumptions include the most recent economic data and consider current global trends and forecasts. The main variations to the economic assumptions used in the Income Forecasting Group's forecast for summer 2026, since the previous Budget include:

• Increasing forecasts for RPI and RPI(X) inflation in 2026 and 2027 as higher oil prices feed into consumer costs. Market expectations are skewed towards increasing interest rates in response to higher inflation. Increases in the Bank of England base rate directly affects mortgage costs and would lead to larger rises in RPI inflation.

• Higher expectations for Finance and Related Professional Services profits across the forecast period. The continuation of strong growth in 2025 for trust and funds sectors partly offset the downward revision to bank profits.

• Higher inflation is expected to contribute to stronger nominal earnings growth in 2027. Public sector pay will be determined separately, taking account of affordability, recruitment and retention, productivity and wider economic conditions.

• Increased level of housing market activity in 2026 as a backlog' of purchases clear through the market, before falling to normalised levels in 2027 where prices are expected to increase by 1% in each forecast year.

• The Income Forecasting Group's Summer 2026 forecast has been developed as a central forecast' to represent the Income Forecasting Group's view of the most likely outcome.

In  addition  to  the  economic  assumptions  forecast  by  the  Fiscal  Policy  Panel,  the  Income Forecasting Group's latest forecast reflects.

• Taxation and duty income results for 2025.

• Initial information on taxation and duty general revenues income for the first two quarters of 2026.

• Forecasts from Treasury for other income.

• Market and local sectoral intelligence from both the Income Forecasting Group and gathered by the Economics Unit.

Table 2: IFG Income Forecast

Figure 13: Range of IFG Forecast: Source IFG

The forecast demonstrates continued growth in nominal Government revenues over the period. The Council of Ministers' priority is therefore to ensure that expenditure growth is controlled and that additional revenues strengthen financial resilience and support sustainable economic growth rather than automatically increasing recurring expenditure.

The overall changes from the Summer 2025 forecast are:

Personal Income Tax

The forecast for personal income tax has increased marginally across all years compared to the summer 2025 forecast. The increase is primarily driven by 2025 personal income tax outturn being higher than forecast resulting in a small upward adjustment to future years.

Corporate Income Tax

Receipts from the new Pillar Two regime are being received for the first time during 2026 from in- scope groups in relation to accounting periods starting on or after 1 January 2025.

The Corporate Income Tax forecast (incorporating the impact of Pillar Two base case) in 2026 has decreased compared to the summer 2025 forecast. This reflects lower-than-expected levels of reported profits in Jersey's banking sector in the financial year 2025. By 2027, stronger Fiscal Policy Panel growth assumptions for non-banking sectors are expected to outweigh the recent decline in bank Corporate Income Tax receipts.

Forecasting the future revenue impact of Pillar Two remains inherently complex and subject to significant uncertainty across all 147 jurisdictions participating in the OECD Inclusive Framework. In recognition of this, the Budget continues to adopt a prudent approach, using a central "base case" forecast for the additional corporate income tax expected to be generated from in-scope multinational groups following the implementation of Pillar Two.

The base case represents the level of recurring revenue that the Government can reasonably expect to receive on a sustainable basis over the medium term, based on the best information currently available. Given the evolving international tax environment, the Government will continue to monitor developments and refine its forecasts as further evidence emerges over the coming months and years. Entities included within the base case are primarily those previously subject to 10% corporation tax.

Consistent with the approach adopted in Budget 2026, revenues arising from the base case forecast have been allocated to support the following priorities:

• Servicing borrowing associated with Phase 1 of the New Healthcare Facilities Programme.

• Investment  to  enhance  the  competitiveness  and  long-term  sustainability  of  Jersey's financial and professional services sector.

• Funding the ongoing costs of implementing, administering and maintaining the Pillar Two regime.

• Providing sustainable baseline funding for public services.

Principles for Pillar Two income in excess of the Base Case

Previous  budgets  explained  that  a  prudent  approach  to  forecasting  revenues  from  the implementation  of  Pillar  Two  has  been  adopted,  and  that  there  was  upside  potential  for receipts. This is a new global tax regime that fundamentally changes the position of all in-scope groups. Furthermore, Pillar Two revenues received in Jersey are contingent on the implementation of Pillar Two by other jurisdictions and the behavioural response of multinational groups affected by  Pillar  Two.  Growing  geopolitical  uncertainty  is  increasing  the  likelihood  of  business restructuring and relocation globally.

Pillar Two receipts started to become payable in Jersey from 31 May 2026. Based on payments received as of September 2026, the Government expects to receive at least £160 million above the income forecast for 2026. However, the full payment profile is not yet known as Pillar Two payment deadlines are aligned with each group's financial year end.

As outlined above, there is significant uncertainty as to both the scale of the total extra receipts and how long Jersey can expect to receive such receipts. It is therefore prudent to treat a fair proportion of these additional revenues as potentially one-off "windfall" receipts. Consistent with prudent fiscal management, such revenues will not be used to fund recurring expenditure or create ongoing spending commitments.

The Council of Ministers will prioritise the use of excess Pillar Two receipts to meet the outstanding funding requirement for Phase 1 of the New Healthcare Facilities Programme.  Accordingly, expected receipts are transferred to the Jersey Capital Investment Fund to meet the costs of the project in 2027 and to repay borrowing it incurred in 2026. This approach will reduce the impact on  the  Strategic  Reserve,  helping  protect  its  value  and  support  the  long-term  objective  of strengthening the Fund in line with the Fiscal Policy Panel's recommendations. It also reduces short-term financing costs and provides greater flexibility as to the drawdown of borrowing during a period when interest rates are high.

In addition, £15 million of excess receipts will be allocated to the Jersey Capital Investment Fund in this Budget to support the development of the Investing in Jersey programme, including feasibility work, and to establish a Capital Reserve to strengthen the delivery of the Island's infrastructure ambitions.

Any further Pillar Two receipts above those required for funding the Acute hospital at Overdale will be used to strengthen the Island's balance sheet, including rebuilding the Stabilisation Fund, increasing the Strategic Reserve and, where appropriate, reducing borrowing requirements.

This approach ensures that uncertain and potentially temporary revenues are used to improve long-term financial resilience, support strategic capital investment, and maintain the principles of sustainable public finances.

GST and International Services Entity Fees

The forecast for Good s and Services Tax (GST) has slightly increased across all years compared to the summer 2025 forecast. The updated forecast is based on the latest Fiscal Policy Panel economic assumptions.

Impôts Duties

Impôts duties which include excise duties, have been revised downwards in each year compared to the Summer 2025 forecast due to lower-than-expected outturn and updated analysis of falling consumption trends. The effects of falling volume forecasts are being partially offset by the higher Fiscal Policy Panel assumptions for inflation. The 2027-2030 forecast across alcohol, tobacco and fuel relies upon long-term consumption trends.

Stamp Duty

Stamp  duty  has  been  revised  to  incorporate  the  updated  Fiscal  Policy  Panel  economic assumptions. The stamp duty outturn for 2025 was £13.4 million higher than forecast due to a small number of high-value, one-off transactions subject to either Enveloped Property Transaction Tax or Probate.

The Summer 2026 forecast reflects an updated methodology for forecasting receipts from higher- value property transactions. The revised approach incorporates prudent assumptions regarding both transaction volumes and average values, providing a more robust basis for forecasting revenues from this volatile segment of the property market. As a result, Stamp Duty income is forecasted to be £7.5 million higher in each year from 2027 onwards.

Budget Proposals

Income Tax (Personal Taxation) Exemption Thresholds and Child Allowances

An individual does not pay income tax or Long-Term Care contributions if their income is below an amount called the exemption threshold. All taxpayers in receipt of Marginal Relief are entitled to the  low-income  exemption  threshold,  while  some  individuals  may  receive  more  allowances depending on their circumstances – for example, if they have children or pay for childcare.

There is a longstanding policy to increase the main tax allowances by the lower of the year-on- year growth of June RPI and average annual earnings. Allowances for 2026 were increased by 2.6%, based on the June 2025 RPI.

For 2027, Ministers are proposing to uprate the main tax allowances by 2.8%, in line with the growth of June 2026 RPI. This uplift will raise the low-income threshold to £21,850 and will deliver £9.9 million in additional tax relief to the 90% of taxpayers assessed at the marginal rate. In comparison, the UK personal allowance has been frozen at £12,570 since April 2021 and is not expected to be raised before April 2031. In Guernsey, the personal allowance was set at £15,200 for 2026.

Independent taxation for all Islanders commenced on 1 January 2026. Married couples who were previously  taxed  as  one  taxpayer  and  would  be  financially  disadvantaged  by  the  move  to independent taxation will be eligible for the compensatory allowance. There will be a joint filing option for those married couples who do not want to complete two separate tax returns.

2026  2027  Proposed  Taxpayers

£ Actual Proposed   Increase   @ 26% Low-income threshold  21,250  21,850  600  156 Child allowance  3,950  4,050  100  26 Additional allowance in respect of children  5,900  6,050  150  39 Childcare tax relief  8,050  8,300  250  65 Childcare tax relief (enhanced)  20,950  21,550  600  156

Table 3: Income Tax Exemption Thresholds & Allowances

Impôts Duties

Ministers' proposals for excise duties on tobacco, alcohol, road fuels, and motor vehicles, if approved by the Assembly, will take effect at midnight on 31 December 2026.

Tobacco and e-liquid

Ministers recognise that smoking represents a significant threat to the health and wellbeing of Islanders and continues to place a burden on our health care system. Having taken the advice of Public Health officials, Ministers are proposing to increase duties on tobacco products by 7.8%, which is the sum of the growth rate of June 2026 RPI (2.8%) and an additional 5% escalator. This increases the duty on a standard packet of cigarettes by 88p. Cigars will be subject to an increase of 10.8%, the sum of RPI growth and an 8% escalator, in line with existing policy to close the gap between the duty charged on cigars and cigarettes.

As duty on e-liquid has not yet completed a full year in operation, no increase is proposed for 2027. Subject to future policy decisions, it is intended to be indexed in line with the convention applied to other excise duties thereafter.

Alcohol

Ministers are continuing the practice of holding alcohol duty constant in real terms by raising rates in line with RPI growth. To build on the expansion of small distillers' relief in 2025, which has supported growth in the Island's distilling sector, the production threshold for qualifying as a small distiller will be increased to 30,000 litres of pure alcohol.

To assist the cost of living and support the island's hospitality sector, the Minister for Treasury and Resources has asked officers to explore the feasibility of providing excise duty relief for those licensed to sell alcoholic drinks in bars, hotels, clubs and restaurants. The review will examine the overall package of support available to licensed premises, including the existing tap relief for alcoholic drinks sold from kegs and other large containers. The review will take place during 2027 with a view to bringing forward a report to Ministers in time for Budget 2028.

Fuel duty

To  help  ease  cost-of-living  pressures,  Ministers  have  agreed  to  freeze  fuel  duty  in  2027. Maintaining fuel duty at its current rate will help avoid additional costs for households and businesses that rely on transport, providing continued support at a time when many Islanders remain under financial pressure.

Proposed Changes in Excise Duties

2026  2027  Proposed Good s   Duty Rates £ Duty Rates £ Increase %

Cigarettes – per kg  943.35  1016.93  7.8% Hand rolling tobacco – per kg  943.35  1016.93  7.8% Cigars – per kg  894.11  990.67  10.8% Spirits 40% abv – litre per alcohol  46.64  47.95   2.8% Beer (2.8% to 4.9% abv) – per hectolitre, large brewery  75.74  77.86   2.8% Wine (5.5% to 15.0%) – per hectolitre  241.02  247.77   2.8% Unleaded fuel – per hectolitre  65.55  65.55  -

Table 4: Change in Excise Duties

Vehicle Emissions Duty

Vehicle Emissions Duty (VED) is charged when a vehicle is first registered in the Island. The amount of VED payable depends on the vehicle's CO2 emissions data, with higher charges for more polluting vehicles.

The Carbon Neutral Roadmap established the principle of annual increases in VED for all standard (non-commercial)  petrol  and  diesel  vehicles,  including  hybrids,  with  proportionately  larger increases for higher-emission vehicles. This policy has been followed since its introduction in 2023 and has been applied over the past four years.

Considering the incentive structure that has now been established to discourage the importation of higher-emission vehicles, it is proposed that all VED categories revert to the standard convention of annual indexation in line with RPI inflation. Vehicle registration trends will continue to be monitored to ensure that the policy objective of reducing the number of high-emission vehicles entering Jersey is maintained.

Reduced Higher Rates of Stamp Duty on Additional Properties

Higher rates of Stamp Duty for additional properties were introduced to curb excess demand in Jersey's housing market. Since then, the housing market has changed significantly with "the largest annual decrease in transactions since 1986" in 2024.[5] The Fiscal Policy Panel's Economic Assumptions (May 2026) forecast property transactions are likely to remain subdued, with minimal price growth.

In light of the changing conditions, it is proposed that the temporary reduction in the higher rate from 3-percentage points above the standard rate to 2-percentage points, implemented for 2026, is extended for 2027. The longer-term position will be reviewed for the next Budget.

Tax Warehouses for Investment Assets

The Minister for Treasury and Resources is proposing to introduce tax warehousing to facilitate the storage and transfer of certain investment assets without triggering GST and customs and excise duties provided they do not enter the domestic market. These measures are part of the wider  Time  to  Win  competitiveness  workstream  and  are  intended  to  enhance  Jersey's attractiveness as an international centre for investment and wealth management.

Reduction in International Services Entity (ISE) fees

In line with Jersey's Time to Win competitiveness strategy, Ministers have agreed to reduce the annual International Services Entity fee for all entities administered under a service contract by a licensed Jersey service provider from £4,700 to £950. These changes are intended to improve Jersey's competitiveness to international investment as a fund's jurisdiction. The fiscal impact is estimated to be a £200,000 reduction in revenue from ISE fees.

Revenue Jersey is also working with industry to explore further simplification to the operation of the regime.

International Tax Reform – OECD Pillar Two

The Organisation for Economic Co-operation and Development (OECD) developed a two-pillar global framework to address the tax challenges arising from the digitalisation of the economy. Jersey continues to participate actively in the OECD Inclusive Framework on Base Erosion and Profit Shifting and other relevant international forums. Detailed information is available at the Government of Jersey OECD Pillar One and Pillar Two webpage.

Pillar Two introduces a global minimum corporate income tax of 15%, applicable to the world's largest multinational enterprises (MNEs) with annual global revenues of at least 750 million. The minimum effective rate is calculated using the OECD Model Rulesspecifically based on financial statements and determined on a country-by-country basis.  

Jersey implemented Pillar Two for accounting periods beginning on or after 1 January 2025 through an Income Inclusion Rule (IIR) and a 15% Multinational Corporate Income Tax (MCIT). Jersey's existing corporate income tax regime continues to apply to other companies, meaning that over 95% of local businesses are unaffected.

Compliance with the new regime is now under way, supported by the launch of the MCIT return as Jersey's first digital service through the Business Services website. Guidance and support are available, with a dedicated Revenue Jersey Pillar Two team assisting taxpayers.

The Finance Law will include targeted technical amendments to the MCIT and IIR legislation, including  the  implementation  of  the  Side-by-Side  package  and  other  internationally  agreed simplifications, and, importantly, ensuring that in-scope Pillar Two entities can take advantage of the RegTech Super-Deduction.  

Jersey will continue to monitor international developments and negotiations closely and make further  changes  where  needed.  Jersey  remains  committed  to  an  agile  and  internationally competitive business and a tax environment that provides certainty for taxpayers and aligns with global standards.

Time to Win – Tax Measures in the Budget

Jersey's financial and related professional services sector is the bedrock of the Island's economy. It provides 2 in 5 jobs and generates £6 of every £10 of tax revenue. This income sustains our community, funds our infrastructure and enables the public services on which Islanders depend. The success of our finance sector is inextricably linked to the success of Jersey as a whole.

However, the sector is facing increasing competition, changing capital flows and shifting customer demands. Recent global geopolitical shifts are reshaping investment flows, and many competitor jurisdictions are investing heavily in their regulatory and market infrastructure to secure growth. If Jersey fails to act, we risk losing capital, jobs and revenue to better-prepared centres, weakening our economy and eroding the resources available for public services.

Recognising this, the Financial Services Competitiveness Programme was established to review Jersey's competitiveness as a leading international finance centre. The programme resulted in the publication of the "Time to Win" report in March 2026 and a delivery roadmap to reset the competitiveness  of  Jersey's  Financial  and  Related  Professional  Services  sector.  This  reset revolves around:

• Protecting our brand and maintaining Jersey's strong foundations;

• Renewing our appetite for growth;

• Reducing the cost of doing business through less regulatory cost and complexity, together with faster decision making;

• Innovating processes and technology through leading in tokenisation and embracing digitalisation; and

• Enhancing our infrastructure by investing in the attractiveness of Jersey as an International

Finance Centre.

This year's budget includes specific tax measures intended to address some immediate priorities highlighted in the Time to Win report:

• Measures  to  ensure  our  Pillar  Two  taxes  continue  to  reflect  evolving  international developments and best meet the needs of the Island's economy.

• An increase in the de minimis exemption from reporting of Jersey resident shareholders in Jersey companies from 2% to 5% to reduce the cost for companies of complying with their annual filing obligations.

• Extending the existing RegTech Super-Deduction to groups within scope of the MCIT, encouraging these businesses to invest in updating their systems.

Delivery of this programme of work is fundamental to Jersey's continued success. Funding is held in the Central Reserve until allocations are confirmed in year. Work on implementation continued following the 2026 election and will be accelerated during the remainder of the year and 2027.

In addition, a review of aspects of Jersey's personal tax residence regime is underway, intended to ensure that the Island's regime is straightforward to understand and administer. A consultation will be held over the winter, with the expectation that legislation will be brought forward in next year's Finance Law. Work is also being undertaken to review the rules on the creation of taxable permanent establishments in Jersey, including through home working arrangements. Further work will continue to simplify and streamline the annual tax compliance process for businesses.

Fiscal impact of Tax Measures

In total, new measures and annual adjustments are expected to cost £1.4 million relative to the Summer 2026 forecast of the Income Forecasting Group. That forecast assumed income tax allowances and excise duties would increase in line with inflation (plus the tobacco escalator). The overall effect of changes in allowances and duties is to leave a net £8.9 million in Islanders' pockets.

Proposed  no £'000  vs forecast  adjustment New tax measures

  ISE fee reductions    (200)  (200) Annual tax adjustments

Personal allowances  -  (9,900) Reduced higher rate of stamp duty – non-main residence properties  (500)  (500) Alcohol duty, increase with inflation  -  600 Tobacco duty, increase with inflation + escalator  -  1,000 Fuel duty, freeze  (700)  - Vehicle Emissions Duty increases  -  100 Budget proposals  (1,400)  (8,900)

Table 6: Summary of Budget Proposals

Update on tax reviews and potential future measures

Targeted action to ease cost-of-living pressures

A review will be undertaken by Revenue Jersey in 2026/27 on targeted tax changes that could support cost of living pressures for identified taxpayers from 2028 onwards. Revenue Jersey will collaborate with other Government departments on any relevant social security changes and other fees/charges.

Fuel Duty Replacement Policy

The vehicles seen on Jersey's roads are changing in response to global carbon reduction ambitions and an evolving global market. In response to Government policies and Islanders' own choices, receipts of road fuels duty are expected to decline.

However, it will still be necessary for the Government to meet the costs of road maintenance and improvement along with the wider costs arising from road and vehicle usage.

The income currently earned from road fuel duty is a key source of General Revenue which supports wider policy initiatives, such as the sustainable transport policy and the response to the climate emergency, along with contributing to the funding of other essential services.

In time, alternatives will need to begin making up the funding lost from declining fuel duty. Alternative charges may include a form of vehicle ownership charge or a road user charge. Ministers decided to pause work in 2024 on the basis that the data was showing only a steady decline in fuel duty receipts.

Ministers will commence policy development work, with a focus on a vehicle ownership charge, in 2027.

Stamp Duty for Right-Sizing Homes

The Government has concluded that a stamp duty holiday for those who are purchasing properties to down-size would not be the most appropriate mechanism through which to encourage Islanders to right-size. Further consideration will be given to non-tax measures to assist and encourage movement.

Stamp Duty on Mortgages

Ministers will examine the case for removing Stamp Duty on registering a mortgage in the Royal Court for Budget 2028.

Li quid Waste Charges

As set out in previous Budgets funding for future liquid waste infrastructure is intended to be met through the introduction of liquid waste charging in 2028. This Budget includes an estimate of £10 million to be raised through liquid waste charging in 2028 onwards. Receipts will be paid into the Capital  Investment  Fund  through  General  Revenue  Income.  Government  Plan  2024–2027 previously gave approval for the application of existing resources for work on the development of a user pays' charge in relation to all aspects of waste. Details of the charging mechanism and proposals will be included in future Budgets, alongside all other necessary arrangements for charges to take effect.

Domestic Compliance

Revenue Jersey continues to develop its annual published compliance programme[6], in line

10F14F

with its published compliance strategy, and to improve its capabilities, for example in assessing and identifying tax risks. Building on existing results (additional revenues from its compliance activities), Revenue Jersey is projecting an additional collection from activities devoted to audit, enforcement, and other compliance work. Together, the additional collections are expected to contribute £31.5 million to General Revenues in each year of the Budget.

Charitable Giving

Following on from recent changes led by Revenue Jersey to make it easier for charities to claim the tax on donations, the Minister for Treasury and Resources is keen to look at further ways of encouraging Islanders to give to charity.

Young savers

The Minister for Treasury and Resources Ministers wishes to explore whether it is feasible to introduce measures to encourage saving by and for young people. A Jersey Individual Savings Account (ISA) type product will be assessed for possible inclusion in Budget 2028.

Pensions

Further consideration will be given to the pension market to create a strategy for growth, by commissioning  a  focussed  international  pensions,  savings,  and  employee  benefits competitiveness review.

Summary of General Revenue Income Forecast, incorporating Budget Measures

- Budget Measures  (1,400)  (900)  (900)  (900)

160,000  Windfall Pillar Two Income  -  -  -  - 1,510,500  States Income after Income Measures (GRF)  1,415,100  1,472,600  1,536,600  1,597,600

- Li quid Waste Charges (JCIF)  -   10,000  10,000  10,000

1,510,500  Total States Income after Income Measures  1,415,100  1,482,600  1,546,600  1,607,600 Table 7: Income Forecast, including additional income measures

Public Sector Spending 2027-2030

This Budget proposes £1.33 billion of spending in 2027 on delivering services to Islanders.

Revenue Heads of Expenditure

The Budget is required, by the Public Finances Law, to set out the proposed amount to be spent from both the General Revenue Fund and Jersey Capital Investment Fund by each head of expenditure, after allowing for any estimates of departmental income. Heads of expenditure within this Budget relate to Government of Jersey departments, Non-Ministerial and other States bodies, and a separate head of expenditure for both the Central Reserve and Capital Reserve. Expenditure has been allocated to departments for 2027 and estimates produced for 2028-2030.

Departmental heads of expenditure are aligned according to lines of accountability under the Public Finances Law. Expenditure is approved in this manner to ensure that there is clear accountability, both at political and officer levels. The departmental expenditure limits for 2027 incorporate both existing resource requirements and new funding, but exclude pay-inflation, which is held centrally in reserves. Whilst this is generally aligned to Ministerial portfolios, there are some differences, and a Ministerial mapping is provided as part of the Annex to the Budget.

Children, Families, Education and

Li felong Learning , £253m

General public services and other ,  Social Benefits (ESSH & States grant) ,

£435m Health and Care Jersey , £406m £197m

Figure 14: Departmental Net Revenue Expenditure (excluding reserves)[7]

1F15F

The above chart illustrates the proportion of Government net revenue spending in 2027[8], on

12F16F Health  and Care  Jersey  31%  (2026:  31%),  Children,  Families,  Education,  and   Li felong

Learning 20% (2026: 20%), tax funded social benefits (excluding benefits funded from the Social Security funds) 15% (2026: 13%), and other public services 34% (2026: 36%). General

public services and other, includes all other departmental and non-Ministerial functions listed in Table 8.

Table 8: Revenue Heads of Expenditure

Departmental expenditure estimates for future years do not include allocations for inflation which will be considered and confirmed through subsequent Budget processes. Instead, allocations for inflation are held in the Central Reserve. Given that inflationary pressures are cumulative in nature, the provision required to maintain departmental spending power increases across the duration of the Budget. To manage this centrally and maintain budget flexibility, inflation will be allocated through future Budgets based on the latest economic forecasts, fiscal position and spending priorities.

From 2027, a separate head of expenditure has been established for Planning and Regulation. This reflects the creation of the Minister for Planning and Regulation role.

The new Ministry has responsibility for the Regulation function, which was previously included within the Environment portfolio. The establishment of a dedicated Head of Expenditure improves transparency and accountability by aligning financial reporting with Ministerial responsibilities and the current machinery of Government.

All Budget transfers between revenue heads of expenditure are summarised and listed in more detail in the Annex to the Budget.

Changes to Revenue Expenditure

The Budget proposes £1.33 billion of spending on delivering public services to Islanders in 2027, an increase from 2026 driven largely by inflationary pressures and previous States decisions which were not known at the time of Budget 2026.

Table 9: Changes to Net Revenue Expenditure

1,800 1,600

£ mill1,ions 400 1,200 1,000 800 600 400 200 0

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Expenditure Expenditure Forecast Income

Figure 15: Income and Expenditure Trends Before Depreciation

Growth Allocations

Expenditure Growth

2027  2028  2029  2030 £'000  Estimate  Estimate  Estimate  Estimate

Table 10: Expenditure Growth Allocations

Consistent with its commitment to maintain financial stability, the Council of Ministers has sought to minimise expenditure growth within this Budget. As a result, additional funding has been limited to exceptional items only to provide funding arising from States Assembly decisions, to mitigate significant risks to Islanders, to maintain healthcare services and to provide targeted cost of living support. Further details of these allocations are provided in Appendix 3 and the Budget Annex.

A significant proportion of the growth provided in this Budget supports the implementation of the Violence Against Women and Girls (VAWG) legislation approved by the States Assembly. The new legislative framework will strengthen protections for Islanders and improve the response to victims, but it will also place additional demands on a range of public services and organisations. To ensure that services have the capacity and capability required to meet these obligations, funding has been allocated across a number of Heads of Expenditure, including Non-Ministerial Departments. Given the cross-government nature of the legislation and the inherent uncertainty around future demand, contingency funding has also been set aside within the Central Reserve should VAWG-related case volumes exceed current forecasts.

This Budget continues the current level of funding from the Better Business Support package on a recurring basis to Jersey's rural and marine sectors, in line with the States Assembly decision approved in March 2026[13]. Funding will increase annually by RPI(X), providing long- term certainty for farmers and fishers to invest, improve productivity, and respond to market and cost pressures.

The Budget also builds on investment previously approved by the Council of Ministers to address areas where risks to Islanders were assessed as exceeding the Government's risk appetite. This includes continued enhancements to the capacity and resilience of the States of Jersey Fire and Rescue Service, alongside improvements to the Emergency Services Control Centre. Sustaining this investment will help ensure that emergency services remain equipped to respond effectively to current and future challenges, reducing avoidable risks and supporting the safety, security and resilience.

In addition to the annual funding provision equivalent to 2% above inflation to maintain existing health and care services, this Budget provides a further 0.81% increase in 2027, based on current modelling, to meet growing demand and demographic pressures. Health and care expenditure continues to face significant upward pressure as demand for services increases and healthcare costs rise faster than general inflation. These pressures are driven by an ageing population, increasing complexity of care needs, workforce challenges, and healthcare- specific cost inflation. The further additional funding recognises these unavoidable pressures while balancing the need to restore and maintain sustainable public finances. Future funding requirements will be considered through subsequent Budgets, informed by funding reform options and through establishing a health and care strategy for Jersey, as outlined in the Common Strategic Policy. In 2027 this will bring the total addition to the Health and Care Jersey budget to £10 million on top of pay and non-pay inflation.

Targeted action to support Islanders with the cost of living is a Common Strategic Policy priority. The Budget therefore includes a targeted package of measures focused on families, lower and middle-income households, and those most affected by ongoing cost pressures.

The package expands support for childcare through increased funded nursery hours for two to three-year-olds, helping families manage childcare costs while supporting parents to remain in, or return to, employment. Additional targeted support will be provided through a one-off Community Cost Bonus payment and a Family Support Payment for households with school age children. The Budget also extends free school meals to Jersey Premium pupils in secondary schools, supporting educational attainment, health and wellbeing.

Alongside these measures, the Minister for Social Security will propose a doubling of the parental grant from £900 to £1,800, providing greater support to families welcoming a new child when financial pressures can be particularly acute.

Taken together, these measures provide practical and targeted assistance to households, helping to reduce the cost of raising children, strengthen family incomes and ensure support is directed to those who will benefit most.

In accordance with Article 10 of the Public Finances (Jersey) Law, the Budget also includes £1 million of revenue expenditure growth requested by Non-Ministerial departments, the

majority of which relates to the implementation of the Violence Against Women and Girls legislation.

Inflation

It is both prudent and responsible financial management to plan for the impact of inflation on Government  finances.  Accordingly,  this  Budget  includes  provisions  to  meet  anticipated inflationary pressures on pay, social benefits and non-pay expenditure, ensuring that public services can continue to be delivered effectively while maintaining financial sustainability.

In their latest set of economic assumptions[14], the Fiscal Policy Panel has revised upwards its

15F27F

forecast for inflation in Jersey, reflecting expectations of higher import costs and domestically generated inflation. RPI inflation is now forecast to remain between 4.1% and 2.3% over the Budget period, slightly higher than forecast in May 2025. As a result, the provision for inflation has been increased to protect departments from real-terms reductions in their budgets and to maintain the purchasing power of public expenditure.

For  2027,  departments  have  been  allocated  funding  equivalent  to  4.1%  of  non-pay expenditure, in line with the Fiscal Policy Panel's assumptions. Provision for pay awards is held centrally within the Central Reserve and will be allocated to departmental budgets once the 2027 pay award has been agreed. Provision for future years' pay and non-pay inflation is also held centrally to provide flexibility and ensure that funding can be allocated in line with actual economic conditions.

Inflationary pressures are cumulative in nature and therefore the level of provision required increases across the Budget period. There remains uncertainty around the future path of inflation and economic forecasts. Should inflation exceed current assumptions, the provision included within the Budget may be insufficient to meet the full cost of agreed pay awards and other inflationary pressures, requiring departments to manage any shortfall within overall approved expenditure limits.

Technical/Formula Driven Growth

The Budget also allocates a further £27.2 million to a number of areas of expenditure that are determined by pre-agreed formulae. These include:

• An annual 2% increase above RPI in Health budgets to maintain service standards and meet the costs of health care inflation. A further increase of 0.81% has been allocated to maintain healthcare with further work to be progressed on the sustainability of healthcare funding. Resulting in an additional £10 million to the Health and Care Jersey budget for 2027.

• Formula driven increases for the States grant to the Long-Term Care Fund (as set out in the sections "Long-Term Care Fund"). Adjustments to the States grant to the Social Security Fund are considered separately in the section below.

• Maintaining budgets for arts, culture and heritage across Government at 1% of revenue expenditure in total.

• Formula driven increases for agriculture and fisheries budgets being increased by RPI(X).

• Financing costs, including overdraft charges based on projected cash balances in the General Revenue Fund, New Healthcare Facilities, Fort Regent and the pension bond.

Jersey Overseas Aid

Jersey remains committed to maintaining a strong and effective overseas aid programme and recognises the significant impact that Jersey Overseas Aid has delivered over many decades. The  programme  supports  international  development  and  humanitarian  relief,  enhances Jersey's  international  profile  and  reputation,  and  provides  opportunities  for  Islanders  to contribute their skills and expertise to projects that improve lives around the world. Moreover, Jersey Overseas Aid delivers a sizeable part of its impact through two highly respected and internationally  recognised  Jersey  organisations,  the  RJA&HS  and  the  Durrell  Wildlife Conservation Trust, further enhancing the Island's global profile while drawing on established local expertise and capability.

At  a  time  when  savings  and  efficiencies  are  being  required  across  Government,  it  is appropriate that overseas aid funding also reflects the wider need to restore sustainable public finances. As a leading international finance centre, any reduction in the Island's Official Development  Assistance  (ODA)  commitments  could  have  a  detrimental  impact  on  its reputation, particularly given the prominent role of its finance sector in serving global wealth.

The Budget therefore proposes to freeze the overseas aid allocation at its 2026 level of £22 million from 2027 to 2030, saving £1.5 million in 2027, £2.5 million in 2028, £3.5 million in 2029 and £4.5 million in 2030. This approach releases £12 million over the period compared with the current GVA based formula, contributing towards additional investment in targeted support for Islanders facing cost-of-living pressures and the implementation of the Violence Against Women  and  Girls  strategy.  This  strikes  a  balance  between  Jersey's  international responsibilities and the needs of the local community at this time.

Under a spending freeze, Jersey's ODA contribution would fall from 0.3% to around 0.25% of GVA over time. While balancing public finances remains a key objective, maintaining the current level of commitment recognises the importance of international development, supports Jersey's  global  engagement  and  reputation,  and  reflects  the  Island's  long-standing commitment to being a responsible international partner.

Maintaining  funding  at  this  level  preserves  Jersey's  ability  to  respond  to  humanitarian emergencies,  demonstrates  continued  global  solidarity,  and  ensures  a  substantial commitment  to  international  development  while  taking  a  balanced  approach  to  public spending. The current funding formula will be reviewed before the next Budget to ensure future arrangements remain effective, affordable, and sustainable over the longer term.

States Grant to Social Security Fund

The States Grant to the Social Security Fund has been temporarily rebased to £50 million for the period 2026 to 2029, with annual increases linked to Average Earnings. This measure was introduced to support investment in public services in 2026, avoiding the need for tax increases while maintaining a significant States contribution to the Fund.

The Budget currently assumes that the States Grant will return to its full formula value from 2030, in accordance with current legislation. However, this assumption is subject to review

following the publication of two ongoing reviews of the Social Security Fund, which will be published in the first quarter of 2027.

The reviews will provide an updated assessment of the Fund's long-term financial position and funding requirements. Ministers will consider the findings, alongside the wider fiscal outlook, as part of Budget 2028 before determining whether and on what basis the full States Grant should be calculated in the future.

This approach ensures that future decisions on the level of States support are informed by the latest evidence, while balancing the long-term sustainability of both the Social Security Fund and wider public finances.

States Grant to the Social Security Fund

2026  2027  2028  2029  2030 Approved  £'000  Estimate  Estimate  Estimate  Estimate

22,768  States Grant to the Social Security Fund  52,635  54,951  57,479  59,433

- Restatement to the full formula value  -  -  -  44,059

22,768  Total States Grants Formula Value  52,635  54,951  57,479  103,492 Table 11: Adjustments to the States Grant

Savings

  Recurring Savings Proposals

2026   2027  2028  2029  2030 Approved  £'000  Estimate  Estimate  Estimate  Estimate