Jersey Rescue package

MILLIONS of pounds of tax-payers’ money is to be pumped into the Island economy to stimulate the building, retail and finance industries, the Treasury Minister was expected to announce today.
In the clearest signal yet that Jersey will not avoid the harsh realities of the global credit crunch, Senator Philip Ozouf was due to announce the emergency fiscal measures in the States today. He was expected to tell Members that it is time to dip into the reserves Jersey has built up in healthier economic conditions.
News that the ‘rainy day’ which Islanders have long feared may finally have arrived comes after repeated, and perhaps naïvely optimistic, government statements that Jersey was well placed to weather the storm better than most jurisdictions.
Cash from the stabilisation fund is expected to be used to stimulate the faltering economy. The fund was established by the previous Council of Ministers as a safety net to complement the Strategic Reserve, which is more commonly referred to as the rainy day fund, if Jersey fell on hard times.

Well looks like Jersey have seen the light... Will Guernsey?

Can't wait to see how much of this money is spent on UK consultants to tell us how to stimulate our economy.

If they're going to spend the money to boost the local building industry, how are they going to do it and avoid funding outside contractors, immigrant workers, etc.?

Troy McClure wrote:Can't wait to see how much of this money is spent on UK consultants to tell us how to stimulate our economy.

If they're going to spend the money to boost the local building industry, how are they going to do it and avoid funding outside contractors, immigrant workers, etc.?

I agree Troy I bet the consultants will earn a pretty penny out of this

As regards the funding of immigrant workers, prehaps the states will offer add on money packages to get the local workers back into work

DETAILS of a multi-million-pound rescue package to keep Island builders in work during the economic slowdown have been revealed.
Treasury Minister Philip Ozouf said that a whole raft of major States social housing projects could be started years ahead of schedule. Senator Ozouf has been working with the Housing Minister to identify sites where development or refurbishment projects could be started as early as this year.
Those sites include Salisbury Crescent, opposite Co-op Grand Marché, Le Squez, Lesquende, which is close to the Airport, Clos des Quennevais, Le Geyt Flats and La Carrière, in Grands Vaux. If the works do go ahead, they could be an unexpected benefit of the credit crunch for those waiting for a States home.
There may also be some good news for the taxpayer. ‘We can get good value for money by getting the work done in a depressed market,’ the Treasury Minister said.
Senator Le Main said that cash raised from the sale of publicly-owned property was already in the States coffers to pay for the works, and so no borrowing was needed. ‘We are happy to put these forward immediately to put some work back into the economy on the basis that we have been very successful in selling property off for housing and we now have the money,’ the Housing Minister said (from thisisjersey)

Well has Jersey done the right thing? Maybe as long as it can control the import of workers, and ensuring that locals benefit from this move.

I wonder whether our politicians are looking at this move?

Dave Jones were are you....

Trouble is the local's will not get the employment, the builders are bound to bring in outside employment

Its cheaper and lets face it all the builders are interested in is profit no the locals...