19 May 2009
There have been nearly 30 bids for funding from the proposed economic stimulus package, which would be set up if the States agree to Treasury’s proposals.
Tomorrow (19 May) the Treasury Minister is asking the States to withdraw £44 million from the Stabilisation Fund to help mitigate the effects of the global economic downturn. This money would be earmarked to pay for a number of projects, as assessed by an independent Evaluation Team.
A number of possible investments have been identified, and 27 bids have been received by the Evaluation Team – from both the public and private sector.
Housing has a programme of maintenance and refurbishment that could be brought forward, providing work for local tradesmen and contractors. Property Holdings has a number of projects which could provide work for construction companies. And Skills Jersey has plans to help people looking for work, changing career or coming out of training courses.
Social Security Minister Deputy Ian Gorst said: “The number of people who are unemployed is currently high but reflects the economic climate. What is of vital importance now is how the States are responding to the threats posed by the downturn. I am in full support of investing to support vulnerable people in our Island. This plan is needed now.”
Education, Sports and Culture Minister Deputy James Reed said: “Investment in education and skills has never been more necessary than at the present time. We need to act now to ensure that our young people, particularly those leaving school and returning from university, are provided with the opportunities they deserve. Employers and the States will need to work together to make this happen. Already plans to cater for a Youth Training Scheme and increased numbers in further education are in place, although these will require additional funding. This is a necessary investment both for our young people and our economy.”
Economic Development Minister Senator Alan Maclean said: ‘The focus of EDD’s efforts will be to support businesses and individuals. This will be achieved through a package of measures delivered by Jersey Enterprise to assist Jersey companies to counter the effects of the down turn. In addition, schemes including States apprenticeships and the Jersey Graduate Internship Programme will help school and college leavers find employment in the Island. We must act decisively and we must act now if we are to provide the maximum stimulus to the economy at the time of greatest need and opportunity”
Treasury and Resources Minister Senator Philip Ozouf said: ‘It is imperative that some of the money we put by for difficult times is now used effectively to help islanders deal with the economic downturn.
“Departments have started bidding for cash to fund projects that will help kick-start the economy. We have laid down rigorous criteria that projects will need to meet, and I want to work closely with Scrutiny to determine which of the projects meet those criteria.
“The sooner we can inject cash into local the economy, the bigger difference it will make to islanders and the better position we will be in when the global economy eventually starts to recover.”
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Notes to Editors:
1. For further information, please contact Senator Philip Ozouf on 07797 713838, Senator Alan Maclean on 07797 719202, Deputy James Reed 483254 or Deputy Ian Gorst on i.gorst@gov.je
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