Guernsey budget for 2014 approved by States

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Guernsey States members have approved a temporary reduction in document duty in a bid to stimulate the housing market.

The temporary reductions, which will last until next October, were agreed as part of the 2014 budget that included indirect tax hikes.

A move to skew the reduction in document duty, paid when buying a property, to provide more benefit to first-time buyers was turned down.

A bid to reward States departments that meet savings targets was also rejected.

The move was suggested in relation to the Financial Transformation Programme, under which the States aims to cut £31m from its spending in a five-year plan due to finish next year.

Opponents asked why departments should be rewarded for making savings that had already been agreed.

Rises in duty that increased the price of a packet of 20 cigarettes by 21p, a typical bottle of spirits by 40p and a litre of petrol by 2.3p were approved, having taken effect when the budget was released on 9 October.

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