Guernsey Press

Plan to invest part of States' reserves in local business

SOME of the States' reserves could be invested in local businesses under new plans from the president of the Policy & Resources Committee.

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Gavin St Pier announced the proposal at a Chamber of Commerce lunch yesterday. Although he admitted that the idea of a local innovation fund is at a very early stage, and has been touched on only briefly by his committee, it could see a couple of million pounds of more than £2bn in reserves allocated to a dedicated fund for local angel investing.

'It's something we discussed some time in the last term at Treasury and Resources and it's something I'm keen to move on sooner rather than later,' he said.

'I see it as a rational, logical thing for us to do. Why not use some of that money to support local enterprise and the economy rather than someone else's?

'It's not something we should be thinking of just as an investment opportunity.'

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