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Category: Financial  Local Business News  States of Jersey

Treasury Minister Approves Funding Bids

Mar 08, 2019

The Minister for Treasury and Resources, Deputy Susie Pinel, has approved funding for 11 projects, including sports travel grants, and children’s early years policy development. Deputy Pinel has also agreed to fund various modernisation initiatives and a new office in North America for Jersey Finance.
This is the third tranche of additional funding approved by the Treasury Minister, and totals £2.2 million from 2018 contingency across the following projects:

Economy, Growth and External Relations
Fort Regent – feasibility and options review – £150,000
This provides funding for feasibility and options work to inform the next steps for Fort Regent.  

Jersey and Guernsey joint working programme – £80,000
There is renewed commitment to joint working between Jersey and Guernsey, including the establishment of the Channel Islands Public Service Board (CIPSB) to improve collaboration and increase the number of joint working initiatives. This will fund dedicated staffing and other associated costs, which will also be matched by Guernsey. 

North American office to support the development of the financial services sector – £250,000
This will allow Jersey Finance to open an office in New York, allowing increased access to the North American market.  Funding will cover a full-time Business Development Director based in New York, office accommodation and associated marketing and central support expenditure.

Income and spending survey – £100,000
This provides funding for an annual income and spending survey. This will collect data to underpin strategic planning across the government and provide evidence to support the ongoing development of the Government Plan and other forthcoming Plans, initiatives and activities.  

National Risk Assessment – money laundering and terrorism financing – £170,000
The Jersey Financial Crime Strategy Group formally announced that it would conduct a national risk assessment of the threats posed to the island by money laundering and terrorist financing.  This is in response to the global standards for financial crime set by the Financial Action Task Force.  Funding is being provided to support the government’s commitment to assess Jersey’s money laundering and terrorist financing risk.

Sports travel grants – £200,000
This provides funding to support (a) local sports people to travel overseas to compete and train and (b) representative bodies that coordinate and fulfil representative roles on behalf of Jersey. These include for example, Commonwealth Games Association Jersey, Jersey Island Games Association and Jersey Schools Association.

Children and Education
Children’s’ early years policy development – £200,000
This provides funding to develop four policy areas including: (a) establishing a strategic policy for early years. (b) developing a regulatory framework to ensure all childcare provision is of a high quality and offers a safe environment for children. (c) setting out funding options that deliver equitable access to high-quality childcare. (d) describing approaches to developing an early years learning framework, that supports a shared methodology for early childhood education. 

Supply Jersey maintenance and licenses – £100,000
This provides funding to support ongoing maintenance and licenses for Supply Jersey, not included in the Medium Term Financial Plan.

Commercial and procurement support services – £250,000
This provides funding for commercial and procurement support across the government, to improve service delivery and implement the efficiency programme.

Expansion of international tax team – £400,000
This provides funding to increase the international tax team to meet enhanced international tax obligations (OECD’s Global Forum on Tax Transparency) before an OECD assessment in 2020.

Completion of Nudge Campaign and Revenue Management System – £160,000
This provides funding to support the implementation of the government’s new Revenue Management System and to complete of the ‘nudge’ campaign.

Budget transfer from Central Contingencies to various departments: Economy, Children and Modernisation

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