States approves idea of loan to buy Sark electricity firm
Sark's government could receive up to £1.5m in a loan from the States of Guernsey, politicians have agreed.Sark's Chief Pleas requested the money to purchase Sark Electricity Limited (SEL) and bring the island's only electricity supplier into public ownership.The States voted for the plans by an overwhelming majority. Vice President of Policy and Resources Heidi Soulsby said: "We believed we had a moral obligation to support our sister island on such an important matter for them."
Deputy Soulsby added: "It will be for Sark to agree the terms as set out."Chief Pleas previously wrote to Guernsey's Policy and Resources Committee requesting the loan to purchase SEL.The States proposed conditions for the loan which included import duties on alcohol, fuel and tobacco being used as a security guarantee in the event of non-repayment.Soulsby said: "We needed to ensure we did not put Guernsey taxpayers' money at risk and so the loan facility comes with conditions."These include Sark's participation in the Bailiwick Commission to look at our constitutional relationship and its commitment to a full review of its taxation system to ensure financial stability."An interim report is due to return to the States by the end of the year.
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