Shocking truth behind loan fund is exposed

Cash benefits and direct taxes led to income being shared more equally between households
Since its inception, the fund has given out seven loans to six companies, totalling £2.085 million.

A DAMNING report says that a controversial fund that has given more than £2 million of taxpayers' money to start-up businesses need to be closed until 'very significant failings' are addressed.

Senior States Members, civil servants and Jersey Innovation Fund board members have all come in for scathing criticism in the report by the Comptroller and Auditor General.

Full coverage in Thursday's JEP on the findings of the report, which reveal:

-£2 million was given to six new businesses -one has gone under and three others are significantly underperforming

- Board members had financial interest in applicants

-Attorney General could be called in to investigate

-'No more funds should be paid out until failings are addressed'.

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