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£100m ‘fiscal stimulus’ plan to help Jersey recover from Covid crisis

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MORE than £100 million is due to be pumped into Jersey’s economy to boost its recovery from Covid-19, with details to be announced at the end of the week.

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A similar ‘fiscal stimulus’ package worth £44 million was announced in response to the 2007–2008 global financial crisis and saw money invested to boost businesses and jobs, including through funding for a number of construction projects.

A Government of Jersey spokesperson said: ‘Jersey’s lockdown measures supported public health and saved lives. However, the economic disruption on Jersey’s economy has been significant and a co-ordinated long-term economic recovery effort is under way.

‘This week ministers will announce a package of more than £100 million of stimulus to the Island economy. This will stimulate demand within the economy and support the recovery effort.

‘This will form a central part of the revised Government Plan 2021–24, which will be lodged later in the year, so that it can incorporate recovery and renewal initiatives from the Economic Council.’

The broad aims of the stimulus package will be to support businesses in Jersey, bolster employment and create new business opportunities.

The Economic Council was recently formed to advise the government on the Island’s recovery from the impact of Covid-19 and features representatives from a range of industries. Further details of the stimulus package will be announced on Friday at a media briefing.

Ian Heath

By Ian Heath
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