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25
WQ.177/2019
WRITTEN QUESTION TO THE
MINISTER FOR ECONOMIC DEVELOPMENT, TOURISM, SPORT AND CULTURE BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 26th MARCH 2019
Question
Will the Minister set out for members details of the current status of the Jersey Innovation Fund? If the Fund is still able to be accessed, will the Minister identify the criteria and process used for considering proposals for funding?
Will he further set out any other funds or schemes that the department operates which could encourage the development of tourism in Jersey, setting out the criteria and processes used to consider any proposals?
Answer
The Jersey Innovation Fund ("Fund") was closed to new loan applications in December 2016. The Fund has 4 remaining active loans that are in varying stages of repayment. We expect to be in the position to table a Report to the States Assembly in the coming weeks that sets out the basis on which those remaining loans will be administered and confirming a remaining undrawn balance of the Fund to be repaid to the Consolidated Fund.
The Tourism Development Fund (TDF) has successfully supported the tourism sector since 2002 and all available funds have been allocated.
Tourism is about place-making. It is an export industry; visitors bring their pounds, euros and other currencies to Jersey (a total of £250.2 million of spending in 2017 including GST of £12.5 million). According to a report by Oxford Economics published in 2017 tourism accounted for 8.3% of GVA in 2015 (including direct, indirect and induced impacts) and supports over 7,000 jobs. In recognition of the importance of tourism as an essential component of Jersey's economic and social fabric and to provide the catalyst to stimulate further private sector investment in the sector I will be proposing to my colleagues a new fund to promote productivity in the tourism and hospitality sector as part of the Government Plan for 2020-2023.