GSD Predicted the Record Budget Surplus

Update
GSD Predicted the Record Budget Surplus

Date : 
23/04/12

Ref   : 
PR55/2012


GSD Predicted the Record Budget Surplus


The Opposition has today drawn attention to the record Government budget surplus that will be achieved by the Government in the financial year just ended to 31 March 2012 budget. It will be recalled that in response to GSLP/ Liberal statements during the recent election campaign and subsequently that Government’s finances were not healthy, the GSD rubbished the remarks and said that the Government would enjoy an all time record budget surplus this year, nearly three quarters of which had already passed at the time of the election. So it will turn out to be.

In answer to questions from the Leader of the Opposition, Peter Caruana, at the last session of Parliament, the Chief Minister, Fabian Picardo, said that the tentative overall Revenue in the current financial year up to the 29 February 2012 (with just one month of the financial year left) stood at £404.9 million and the overall Expenditure stood at £351.6 million. That would mean a budget surplus as at that date of £53.3 million. Even though the figures are subject to normal Treasury adjustments, this would constitute a record budget surplus, surpassing the surplus announced for the previous year of £31 million and the previous record in 2009 of £37 million!

The Deputy Leader of the GSD Daniel Feetham said: “People may recall that in his Ministerial Statement on public debt on 19 January 2012, the Chief Minister cast doubt on Peter Caruana’s assertion that there would be a healthy government recurrent budget surplus this year. Well, unless the new Government has chosen to manipulate the surplus downwards by charging extraordinary payments to the Consolidated Fund in favour of other Government Funds, the Government will enjoy a record and a very substantial budget surplus at a time that every other Government in Europe has big budget deficits. This lays bare Mr. Picardo’s deception of public opinion on this important matter for his own electoral purposes, and shows the true healthy state of the Government’s finances at the time and still now, as asserted by the GSD.”

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