Jobs, cash and hope

MINISTERIAL plans for £2 billion worth of spending over the next three years will create jobs and stimulate economic recovery, Treasury Minister Philip Ozouf told the States at the start of a major debate on Jersey’s future on Tuesday.

Treasury Minister Philip Ozouf
Treasury Minister Philip Ozouf

MINISTERIAL plans for £2 billion worth of spending over the next three years will create jobs and stimulate economic recovery, Treasury Minister Philip Ozouf told the States at the start of a major debate on Jersey’s future on Tuesday.

Introducing a three-year spending plan to politicians, the Senator said that it would provide key investment in health and public services and provide a platform for growth and reform right across the States.

Senator Ozouf proposed the plan on behalf of the Council of Ministers, saying that although there had been ‘serious challenges’ to the Island economy over the last three years, Jersey was poised to take advantage of growth when the world economy began to improve.

And he said that the spending boost for departments and £222 million worth of capital spending for major projects would make a difference to every Islander.

Full story in Wednesday's JEP

Comments for: "Jobs, cash and hope"

Bedford Falls

Or more likely it will feed into higher salaries for those already employed within the public sector whilst creating marginal uplift in actual employment.

Old Crappo

two billion pounds worth of spending over the next 3 years is roughly seven hundred million pounds a year, I suppose the "King of Spin" has found a few quid down the back of his sofa!

The headline should have read "No Jobs, No Cash and No Hope"

JerseyD

The Economy's which have done best out of the global economic crisis are the ones which already have conservative spending budgets and low debts, we are trying tog et through this by doing the opposite. Our of the Proposed £2,000,000,000 that he wants to spend, we will be lucky if 25% of that stays local, we all know the states are the worst culprits at thinking twice and buying local! Mad man at the wheel, the safest economic course is to fasten our sales and hold the storm out - then plan wise when the economy of Europe has recovered. You don't need a degree in Economics to see that!

leaving

Unemployment, poverty & despair.

Council of Ministers delivered a bleak history.

Who do they think they are fooling this time?

Mario

As far as I am concerned we have no hope with these sorts in charge. Let us hope the electorate sees sense in 2014. If not then things are only going to get a lot worse. I cringe every time the big o is mentioned.

No axe to grind

Ok all you so clever posters; what would you do in his place?

It seems to me that personal malice takes the place of reasoned opinion when it comes to the Treasury Minister on this site.

He has a tough job and he is very capable and let's hope he achieves well for Jersey. Give the lad a chance!

No Axe to Grind

Juergen Berger

@No axe to grind, I know exactly what to do but I'm not on the Island anymore and don't want to make others rich with my ideas:-) You just have to tackle the real problem on the Island (cost of living). The O idea just makes the wealthy wealthier and the average person poor.

Neil

"Give the lad a chance" you say. Well, He has been in the job for quite a few years now and things don't seem to be gettting better for Me or the majority of people on this Island.Time for a different person in charge I think.

jerseythepartiesover

No Axe to Grind I am afraid the King of Spin has had too many chances. He was a member of the Walker government and has continued to work in Treasury ever since overseeing monumental bad decisions. I have asked him whether he will stand for election next time around without response but I bet he won't as he has no chance. But he has made huge contacts all over the world on his travels paid for by the Jersey taxpayer so he will be fine when he sets of into the sun. The sooner the better.

Mario

I have ideas but they would wasted on the lot we have in power. As far as I can see the island is run by the rich for the rich. The rest have to look after themselves as they cannot rely on the government.

On our present course we will have a two tier society of the very rich and the poor. The middle will be pushed into the poor end, that's if they don't up sticks and move elsewhere to a place with some sort of future. This will further deplete the money supply as the middle will take all their assets with them, like profits from the sale of their property, pensions and savings. This will have a knock on effect erroding the tax base yet further.

Increasing the number of poorly paid workers is not the way to go.

S G

You can not know that Oz does not have any qualifications in finance.

Also the taxpayer is having to fork out over half a million a year to employ consultants to help him do the job.

He also agreed to pay over 120 million for the French incinerator, when he He could of got one for less than 50 million, which turns the waste into electricity, as they have in Exeter.

Pip Clement

With Great Britain and Europe facing more austerity, the USA facing the financial cliff of tax hikes and public spending cuts the world is not looking good.

I suspect that the States financial stimulus will be like throwing a bucket of water in to the wind. It will secure some jobs but until there is a world upturn it will not reverse the overall decline.

It is also quite evident that the projected tax takes are over optimistic so a growing deficit is inevitable.

Borrowing is on the way.

Curious

Just asking - where is this £2,000,000,000 coming from ? No mention of that in the article but with some 50,000 (?) of working age in the population that enormous sum works out at a mind boggling £40,000 each or over three years, c£13,000 each per year. If I assume the average wage is a generous £40,000 then the average tax payment after allowances is some £6,000 and I fail to see where the other £7,000 is coming from. Not all income can be diverted to this new initiative as the Island still needs to run the essential services so where is the magic Jersey money pot ? Sen Ozouf says " it would make a difference to every Islander" You bet it will - GST at 10% ?

Pip Clement

Part of the balance will come from purchase taxes.

If a household earns ££40,000 and spends £30,000 then around £1500 in GST will stick to the Treasury minister's fingers.

Tobacco, alcohol and road fuel have specific duties in addition to GST.

Factor in a moderate amount of driving plus a few drinks a week and that could be be another £1000 per year.

You have to add in corporate taxation plus things like stamp duty, etc.

Add in a soupcon of fantasy, the growth figures are not believable, and the whole thing adds up to something that the usual suspects can vote for.

Archi

I know where the money is comimg from!!!

There are two sources for this £2000.000.000.

(1) The growth in the economy as envisaged by States economist Dougie Peedle who has told his boss the Big O 'the economy will grow by 15 per cent over the next three years!!!

What a load of piddle Mr Peedle!!!

(2) The sale of States assets, sorry I mean the people's assets. When an awful lot of investors are putting their money into property, the States through Jersey Development Company, formerly WEB are considering selling off most of States of Jersey property, the people's property, instead of investing in it to get a good return.

No doubt when Jersey Development Company has sold most of these assets,(people;s assets)

all those involved will get their massive bonuses, as they have done already even when not making a penny profit, in fact the only money they received was "TAX PAYERS MONEY"

Looks like we are going to have a 'Grecian summer' just watch the news.

Harry

#Archi,

You've got it in one, as most of the others have.

As for #No axe to grind, you are either 'from another planet', retired civil servant or you are a civil servant working in the Department of Propagander.

Only two more years for the Big O, can't come soon enough.