Future Guernsey is today announcing a key policy that will feature in its manifesto, which will be unveiled in full on Monday, 24th March.
The political movement was launched at the end of November last year, with the intention of creating a suite of policies to drive forwards the work of government. It is inviting candidates to adopt its manifesto at the upcoming election, in an effort to ensure action and accountability in the States Assembly.
A TAX POLICY TO HELP RENTERS AND FIRST-TIME HOME OWNERSHIP
Future Guernsey has revealed that it will be advocating for the establishment of a new tax-free Guernsey Property Savings Account (GPSA) for first-time buyers and renters to save up to £60,000 towards the purchase of their first property or use towards a rental deposit.
Loosely based on the UK’s Lifetime Individual Savings Account (LISA), the GPSA would allow anyone who does not yet own a home to save up to £60,000 in a bank account, with the interest being tax-free. The saver would be allowed to withdraw funds at any time and, as long as the funds were being used towards the cost of a house purchase or rental deposit, they would remain untaxed. Should they decide to use the funds for any other purpose, tax would become payable on the interest.
GPSA POLICY DEMONSTRATES THE BENEFITS OF COLLABORATION
Ex Guernsey Housing Association Chief Executive Steve Williams is a member of Future Guernsey’s housing policy working group. He says,
“The challenges for renters and first-time buyers in particular are significant and we need to assist this portion of our population as much as we possibly can. Naturally, much of the housing policy we will unveil later this month will focus on how we can construct more homes, but there are also a number of fiscal levers we can pull which we believe, if actioned, would make a meaningful difference to first-time buyers. This policy is a classic example of how collaboration across policy areas can deliver very real and actionable benefits for the electorate.”
LOCAL SAVINGS PROVIDERS HAVE WELCOMED THE PROPOSITION
Initial talks with local savings providers have been undertaken to gauge the interest and feasibility of offering a Guernsey Property Savings Account, with the response being supportive. Future Guernsey’s Board member, accountant and founder of First Central Group, Mike Leonard, says this policy reflects the thinking running throughout Future Guernsey’s upcoming manifesto,
“Guernsey has a history of being a nimble jurisdiction that can adapt quickly to market forces. We want to bring that spirit back to the fore and encourage the type of enterprising spirit we’ve always enjoyed. This policy is a classic example of how we would urge our politicians to be thinking about how they can work with the private sector to begin to tackle an issue that is affecting increasing numbers of islanders and potentially locking local young people out of the option to return or remain here.”
POLICIES WILL FOCUS ON DELIVERABLE SOLUTIONS TO THE ISLAND'S ISSUES
The latest policy launch comes hot on the heels of news last month that the group will be proposing a ‘welcome home’ package for skilled islanders living away from Guernsey, to help attract them back to the island. With a need to increase the number of people in our population in work, particularly those in their 20s and 30s, the group believes that this would not only reunite families, but also help towards securing a sustainable future for the island.
A POLICY PLATFORM BUILT BY ISLANDERS, FOR ISLANDERS
Steve Williams is one of more than 55 islanders who have been involved in creating the policies which are due to be unveiled at the Performing Arts Centre on the 24th March. The policy working groups have been drawn from diverse fields including sustainability strategy, the medical and teaching professions and accountancy and finance. For the past several months, those policy working groups have been working - separately and together - to create appropriate and deliverable policy in their respective subject areas.
ISLANDERS URGED TO SIGN UP TO WATCH MANIFESTO LAUNCH
Future Guernsey’s full manifesto will be launched at 6pm on Monday, 24th March. The event will be ticketed and there will be a limited number of seats available at the Performing Arts Centre. To ensure all islanders who want to attend can so do, the event will also be webcast via the Future Guernsey website and made available as a recording after the event.