Hundreds of millions of pounds from rainy day fund to support Jersey businesses and jobs

Hundreds of millions of pounds from Jersey’s so-called rainy day fund has been earmarked to be used to keep businesses afloat and prevent widespread job losses, ITV News can reveal.

Politicians will tomorrow (24 March) be asked to give the Treasury Minister access to the strategic reserve.

Ahead of that, the Economic Development Minister, Senator Lyndon Farnham, says he has already instructed officers to work up plans to ensure as much cash can be injected into local businesses as possible, with the aim of having that money in circulation by the start of April.

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It follows the publication by ITV News of a highly critical letter from 19 senior businesses leaders accusing the Chief Minister of “abhorrent” leadership and not doing enough, fast enough, to protect businesses and jobs.

Late last week, a £180 million package of loan guarantees and wage subsidies for the most vulnerable sectors of industry was announced.

Today, Senator Farnham says that will not be enough.

But there was a note of caution from the group which represents business in Jersey in reaction to this latest announcement.

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