Jersey's Treasury Minister, Terry le Sueur was in fine form this week. When presenting the budget for 2008 he did three things.

First he promised that the new GST (VAT) will not be more than 3% until 2015.

Then he admitted, as I had predicted that he would have to, that the 'black hole' in Jersey's finances is bigger than previously stated. He now says it is £96 million, which remains a serious underestimate.

And finally he admitted he has no handle on the impact of the sub-prime crisis on Jersey.

None of these are reconcilable. The one thing we do know is he is retiring at the next election. I think that explains a lot. Because what he must know is that the situation cannot be as he describes. As I have shown, the facts cannot support his case.