07 October 2009
There are plans to inject cash into Jersey’s construction industry from the end of this year as part of Treasury and Resources’ fiscal stimulus programme. Treasury Minister, Senator Philip Ozouf, will brief the Chamber of Commerce on this, and other fiscal stimulus developments, at a special briefing this evening (Wed 7 Oct).
Senator Ozouf has endorsed a provisional programme of 24 projects to be funded from States-approved withdrawal of £44 million from the Stabilisation Fund.
Among them are plans by Property Holdings and the Housing Department to fund a backlog of maintenance which will support businesses and ensure that construction companies have access to work for the next 2 years. One Housing project has already been tendered and another tender is about to go out for surveying work as a precursor to a roofing programme. Property Holdings are due to tender next week for their first 3 projects via the States e-portal.
EDD Minister, Senator Alan Maclean, will be updating Chamber of Commerce members on the support available for businesses through fiscal stimulus funding. This includes:
- the introduction of Enterprise Grants
- a Business Angels Network to help companies access finance
- an extension of the Small Firms Loans Guarantee scheme
- increased business-to-business events helping firms to trade with each other
- the opening of a Business Incubator in early 2010
It’s hoped this last initiative will help young and start-up companies establish themselves in the local market. In addition, measures to help firms develop trade overseas are also being rolled out.
Senator Ozouf said "I took the proposal for a discretionary fiscal stimulus to the States because the economic outlook meant businesses and jobs were at risk and we needed to act quickly if we were to be ready in time.
"While we have not yet been as badly affected as we feared, we are not out of the woods. I am pleased to say that since the States decision to go ahead with a fiscal stimulus we have progressed at quite a pace. So far, I have been able to give a green light to a range of projects worth £6 million and we are ready with a further £40 million worth of stimulus.
"We have given an amber light to £11.5 million on maintenance for States property and social housing and £15 million on capital projects. Particularly noteworthy is the fact that the Housing Department is about to go out to tender for at least 26 projects of varying sizes. This will mean that from next month, an average of £300,000 will be injected into our local economy every month."
The provisional programme approved includes projects in the following areas:
- skills and training: £8.2 million
- support for individuals: £1.49 million
- support for business: £1.48 million
- civil infrastructure works: £8.1 million
- construction and maintenance works: £27.2 million
States departments bidding for fiscal stimulus funding are presenting detailed information to the Treasury Minister to gain full go ahead.
States e-tender portal
gov.je