Reasons for cautious optimism

In addition, the latest information indicates that there is in the region of £700 million in the Strategic Reserve.

These figures are in themselves reasons to believe that government’s broad economic strategy is on the right lines, but it is also encouraging to know that the Island is performing better than a great many jurisdictions around the world. In many places public debt is the norm – to the extent that it is seen as a fact of life. By contrast, we have money in the bank, plus material, if illiquid, assets worth billions.

The generally favourable picture also includes a principal industry, financial services, which remains healthy, and poised for new growth, even if its profitability has been seriously eroded by the effects of the recession.

But relying entirely on data derived from public accounts or the performance of key economic sectors to draw conclusions about the financial health of a whole community is fraught with danger. Evidence of balanced public sector accounts or of banks, trust companies and fund businesses that are acceptably prosperous is not evidence that the man in the street is faring well.

In particular, there is still an unfortunate discrepancy between what the latest public accounts tell us and the day-to-day experiences of a majority of Islanders. With justification, many complain of the high cost of Island living, record unemployment, lingering threats of redundancy and a burden of taxation that has increased significantly in recent years.

Of course, as Senator Ozouf would point out, sound public finances are the bedrock of community prosperity. With this in mind, he, his colleagues and his advisers can be credited with building a foundation from which full recovery may be attained, though it must be said that the promise of jam tomorrow will always be less appreciated than the delivery of jam today.

That said, the latest tentative offer of a sweetener – in the shape of tax breaks which, we are told, are currently being considered – is a tantalising sign that the good times may once again roll for Mr and Mrs Average Jersey.