Covid: Economic fund to inject £50m for Jersey's 'quick recovery'

The fund has been set up in response to a "sharp downturn" in Jersey's economy, the treasury minister says

A £50m package has been approved to help Jersey recover financially from the coronavirus pandemic.

Government departments, arms-length groups and not-for-profit organisations will be able to bid for up to £5m of funding per project.

Treasury Minister Susie Pinel said it aimed to trigger a "quick recovery" for the island economy.

All 47 members of the States Assembly at the meeting voted in favour of the plan.

The money will be used to fund short-term projects that can be completed by December 2021, Deputy Pinel announced.

The first £25m will be put towards projects from November, with the remaining money reserved for those starting from February.

A maximum of £5m will be issued per application, and will not have to be paid back.

'Timely and temporary'

The stimulus package is in addition to £50m for "key infrastructure" investment announced by the government in July.

Applicants for the latest support will be required to submit a report on how their plans will contribute to the island's economy, including the age and gender of those most likely to benefit.

This information will be made publicly available, following an amendment to the proposition by Deputy Kirsten Morel.

The latest forecast from the Fiscal Policy Panel showed the level of Gross Value Added (GVA) in Jersey was 6% lower than predicted before the pandemic.

Mrs Pinel said the £50m would be issued "on a timely and temporary basis" and targeted towards projects "that would support local employment and local business".

She added: "Jersey is a place of ideas and energy, and I feel confident that we will receive a range of projects that can benefit the island in a quick recovery."

• GLOBAL SPREAD: How many worldwide cases are there?

• THE R NUMBER: What it means and why it matters

• EPIDEMIC v PANDEMIC: What's the difference?

• SYMPTOMS: What are they and how to guard against them?

• VACCINE: How close are we to finding one?