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Our current borrowing against GDP is I think approx 4 % but after all the borrowings for the hospital, Andium housing etc. our borrowing leaps to approx 38% of our GDP. I haven't had chance to firm up those numbers hence my reason for not adding them to my submission.
It is with growing alarm and dismay, I witness the mess the current government has foisted upon the people of Jersey in their attempts to deliver a fit for purpose general hospital.
I am still in the dark as to how we ended up with Overdale Hospital being chosen as the preferred site for our new hospital. In the previous Atkins report, I believe it ranked fifth behind joint favourites the existing hospital site and the Waterfront, followed by Warwick Farm and St. Saviour s Hospital. These four sites did not even make the final list, I struggle to understand how we reached the final selection. Who in their right mind would locate a hospital at the top of one of the steepest hills in St. Helier and in doing so, desecrate the beauty and historic backdrop to this most important location in St. Helier by building a superhighway which in addition to the above, will plough its way through the oldest established bowling club in Jersey, involve the removal of hundreds of parking spaces for residents and businesses alike and completely alter the important green backdrop of Westmount Road.
The government has failed to tell the people of Jersey why Option 6 "the do nothing" option has not been fully considered. Option 6 scored just one point behind the governments choice of Option 7. Option 6 was fully consulted on with the blue light services who I understand did not raise any concerns, coupled with the millions Option 7 is going to cost the taxpayer, the whole thing has turned into a complete farce.
If the reason to widen Westmount Road has been made to conform to the policies agreed by the States Assembly in recent times as laid down in the Sustainable Transport Policy, I believe the Government should be honest about that and tell us if that is indeed the case. Much of the proposed widening of the road involves putting in what is called "sustainable travel corridors" for bicycles and pedestrians. One has to ask, "how often do you see people cycling up Westmount Road"? Could an alternative cycling route and pedestrian route not be found. Do they have to run adjacent to the existing road? We need answers.
I have concerns about the financing proposed by the Government. The plan is to borrow the funding rather than use the funds in the Strategic Fund because historically the Strategic Fund has been returning higher than average returns and the Government believe they can borrow the money from outside institutions on a fixed interest rate for the whole term and rely on the returns to make the interest payments. My concern is what might happen if the Strategic Fund failed to continue to make the returns over the period of the Bond? Are we leaving ourselves exposed? How does the Government intend to pay the capital sum off at the end of the term?
Has the Government given any consideration to issuing a Bond to local investors? Would this not be a good way to get Jersey people on board and involved with their hospital? There must be thousands of people in Jersey with sums of money languishing in their bank accounts, earning if they are lucky 1% interest on their savings. I am sure these local investors would be more than happy to receive the proposed 21/2% (two and a half per cent) interest on their savings.
In addition to this, it might take the heat out of the housing market by making available to younger purchasers a greater selection of properties because those older investors buying to let would have an alternative option to consider.
Please keep up your good work in holding the government to account. Jackie Hilton