He says that the commemorative note will not ‘cost’ taxpayers the £250,000 claimed, but that it will produce revenue as time goes by.

The Senator – who was criticised by some Members in the States on Tuesday over the planned note, which was nevertheless passed by 34 votes to eight – says that the States have made the right decision to back the project.

He said: ‘This is actually an investment which will produce a return.

‘This is an expense to the currency fund which produces revenue – it does not cost taxpayers any money.’

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