Latest news with #TreasuryandResources
BBC News
14-04-2025
- Business
- BBC News
Jersey government's spare funds to be retained amid tariff war
US trade tariffs and volatility in financial markets could lead to a change for Jersey's spare funds, a scrutiny panel Elaine Millar, Minister for Treasury and Resources, said savings in the island's Stabilisation Fund were "virtually exhausted".She said any spare funds may be retained in contingency rather than transferring it to savings because "locking it up may not be the best course of action".Corporate Services Scrutiny Panel chairwoman Deputy Helen Miles said it was concerning the island's financial buffer was depleted, adding: "Global volatility will impact our island and prudence is needed." Funding risks Miles said the minister had been transparent about the changes since the trade war began."If this leads to a global recession, then this will impact Jersey," she said."What is also concerning is that the Pillar 2 tax revenues, which had been earmarked to help finance the hospital, might not now materialise as expected which is increasing pressure on public funds to finance the build."She said the island may not be able to afford to finance regeneration plans, including the redevelopment of Fort Regent, as money would need to be borrowed in addition to the new hospital costs.
Yahoo
25-03-2025
- Business
- Yahoo
Buy-to-let investors snap up development's homes
Almost half of the homes sold in a Jersey property development so far have gone to buy-to-let investors, a government minister has said. Deputy Elaine Millar, Treasury and Resources Minister, said 129 of the 276 homes sold in the States of Jersey Development Company's (SoJDC) Horizon project in St Helier had been bought by people looking to rent their property. She said 88 of the properties at the development, which would have 280 homes once completed, had been sold to first-time buyers. Millar, who was responding to a question from Deputy Max Andrews, added the States of Jersey had issued guidance to SoJDC in a bid to have fewer homes sold to buy-to-let investors at other developments. Millar also provided figures for SoJDC's College Gardens development. She said all 187 properties had been sold with 89 of these going to first-time buyers while 43 had gone to buy-to-let investors. Millar said guidance given to SoJDC included ensuring buy-to-let investors are prevented from acquiring units at the initial point of sale for the planned South Hill development. She added guidance given for its Waterfront development included a minimum provision of "no less than 50% of the homes to be offered with an assisted purchase product for first-time buyers". "Given the clarity and restrictions that have already been applied to SoJDC as a result of the aforementioned States debates, the minister does not believe there is any need for further restrictions," Millar said. Follow BBC Jersey on X and Facebook. Send your story ideas to Majority approve of waterfront plans, survey shows SoJDC to progress Fort Regent redevelopment plans Waterfront redevelopment: What do people think? States Assembly States of Jersey Development Company
BBC News
25-03-2025
- Business
- BBC News
Buy-to-let investors snap up Jersey development's homes
Almost half of the homes sold in a Jersey property development so far have gone to buy-to-let investors, a government minister has Elaine Millar, Treasury and Resources Minister, said 129 of the 276 homes sold in the States of Jersey Development Company's (SoJDC) Horizon project in St Helier had been bought by people looking to rent their said 88 of the properties at the development, which would have 280 homes once completed, had been sold to first-time who was responding to a question from Deputy Max Andrews, added the States of Jersey had issued guidance to SoJDC in a bid to have fewer homes sold to buy-to-let investors at other developments. Millar also provided figures for SoJDC's College Gardens said all 187 properties had been sold with 89 of these going to first-time buyers while 43 had gone to buy-to-let said guidance given to SoJDC included ensuring buy-to-let investors are prevented from acquiring units at the initial point of sale for the planned South Hill added guidance given for its Waterfront development included a minimum provision of "no less than 50% of the homes to be offered with an assisted purchase product for first-time buyers"."Given the clarity and restrictions that have already been applied to SoJDC as a result of the aforementioned States debates, the minister does not believe there is any need for further restrictions," Millar said.
