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£5m fund will plug job losses

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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.

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