PLANS to inject £44m into Jersey’s economy in an unprecedented move to get the Island through the recession have today been revealed by the Treasury.
The cash will be used to fund an emergency package of measures to support workers and businesses as the worldwide economic downturn continues to tighten its grip on Jersey.
Treasury Minister Philip Ozouf revealed that following a deterioration in the Island’s short-term economic outlook he now plans to ask the States to approve plans to:
• Increase the Stabilisation Fund to £156m by transferring £18m from the old Dwelling House Loans Fund.
• Use £44 million of the fund for an immediate fiscal stimulus package.
• Earmark the other £112 million to plug gaps in 2010 and 2011 caused by a drop in tax revenues and an increase in income support payments because of a rise in unemployment.
• Picture: Senator Ozouf