The Government has announced a support package of more than £150 million to boost the economy in the aftermath of the COVID-19 pandemic.
£100 for all Islanders
In September, all Islanders will receive £100 to spend in the local economy. The payment will be made through vouchers or pre-paid card and must be spent by the end of October.
The payment cannot be spent on gambling or online purchases.
£100 Spend Local card
Reduction to employee Social Security Contributions
A temporary 2% cut to the social security contributions paid by workers is proposed. Approval by the States Assembly would mean the contribution would fall from 6% to 4% between 1 October 2020 and 30 June 2021. This would increase the take-home pay for approximately 55,000 workers and self-employed Islanders. Temporary 2% employee contributions reduction
Fiscal Stimulus Fund
A £50 million fund, open to bids from government departments and arm's length partners for projects to stimulate the economy quickly, is proposed. These bids could include smaller scale capital projects and wider measures including skills and training. It's expected that projects will start by the end of 2020 and be completed by the end of 2021.
Extended time to repay GST and Social Security deferrals
Firms who have been able to defer their GST and Social Security payments for Q1 and Q2 of 2020 are being given more time to repay them. The repayment period is being extended from one year to two years.