£5m fund will plug job losses

UNEMPLOYMENT is rising and Jersey needs to act quickly to 'kick start' the economy by funding people with innovative business ideas, the Treasury Minister has warned.

Treasury Minister Philip Ozouf
Treasury Minister Philip Ozouf

UNEMPLOYMENT is rising and Jersey needs to act quickly to 'kick start' the economy by funding people with innovative business ideas, the Treasury Minister has warned.

Speaking at a Scrutiny hearing to discuss setting up a £5 million 'Innovation Fund' which would support businesses with grants and loans, Senator Philip Ozouf said that the Island was facing 'extremely challenging' times and needed to grow its economy.

With the recent closure of Play.com there was now likely to be 1,800 or 1,900 out of work, he said, and tackling unemployment was a priority.

Comments for: "£5m fund will plug job losses"

gino risoli

with respect, tax payers money should not be dished out like this. Cut taxes is what our government should be doing and make doing business easier because presently it is murder dealing with government departments.

They say they want to help but actions do not match their words

tony

Surely this is the role of bankers and loan providers and if they will not provide loans( after going through a risk assessment)then why should the States be allowed to gamble with taxpayers money?

Cannot see any benefits other than additional costs for taxpayers generally. Extra public sector jobs, bad debts through careless lending, loss of business in the private sector.

You will only be hearing the good news!

More spin and public relations to keep certain individuals in power.

Pip Clement

I hope that it has some effect but with the UK, Europe and the US in a no to low growth situation for at least the next year or two, I think it will at best ameliorate the situation.

Lindsay Garrod

It's not a bad idea in the current climate or indeed in any climate and it sure makes Mr Ozouf look good BUT I would strongly suggest that the Mr Ozouf and his firnds get a move on to tighten up on immigration, up the right to welfare and residency to 10 years and force local businesses to prioritise local, indigenous labour. When times get hard, charity begins at home.

James Wiley

Why not simply lower taxes and cut regulation?

Don't try to do anything you will fail, you always do and you will break something else in the process.

When it comes to government less is more. We need a lot lot less of it.

Coup d'etat anyone?

Noo

Does he not see that businesses are going belly up all over the place - this will be like throwing good money after bad?

It is our own politician's greed in allowing the likes of Amazon, Woolworths, Tesco and many other UK high street retailers to exploit a tax loophole that brought the curtain down on LVCR and the fulfilment industry and the result is the current mass unemployment situation. We had to import labour into the island to fuel this industry and now we have the problem of clearing up our own mess. But throwing a £5m pot of cash at it won't solve the problem. Addressing immigration might...

Noo

Perhaps if he used the £5m to pay a PR company they might be able to gloss over our tax haven image so the SoJ can go back to burying its head in the sand.

Anon

All the usual negatives on here. Yawn.

Innovation is vital to turn this economy around. Small businesses and large.

They are doing what they should have done a while ago, but better late than never.