31 July 2009
The Treasury Minister has given the green light to a number of fiscal stimulus bids. £500,000 has been allocated to Economic Development to provide extra support for businesses.
Those initiatives include:
• Business incubator - a short term solution for fledgling businesses
• Business angels network
• Enterprise grants
• Expansion of networking activities and “business-to-business” events
• Extension of Hospitality sector training scheme
• Inward investment and overseas promotion
• Export development
• Rural economy initiatives
Senator Philip Ozouf has also approved the allocation of £924,200 to the Education, Sport and Culture Department. This money will be used to provide skills and training opportunities for people affected by the economic downturn.
Those initiatives include:
• Extra places at Highlands College
• The Youth Training Initiative
• Strengthening of the Careers Service
The departments have been asked to report monthly on the spending, progress and performance of all the projects funded by stimulus monies, in accordance with guidelines set by the Treasury.
Senator Ozouf said: “I have approved this funding so work can continue to mitigate the effects of the economic downturn on islanders. These bids have been assessed and approved by an independent Evaluation Team to ensure they meet the aims of the stimulus plan, and will be regularly monitored to check they continue to meet the agreed objectives.
“My objective has been to act quickly and decisively to inject cash into the local economy, as the earlier we take action, the more 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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