Stage set for Opera House revamp

Thursday 08 October 2020

The Opera House could be one of the first beneficiaries of a new £50m fund to boost the economy.

It has confirmed that it will apply for a share of the Fiscal Stimulus Fund, after details of how it will work were published by the Treasury Minister yesterday.

Deputy Susie Pinel lodged a formal proposal on Wednesday, which detailed how the £50m fund, which was first announced in July, would work in practice. States Members will be asked to approve the plan on 17 November.

Open to all Government-owned bodies, including departments, arm’s-length organisations and not-for-profits, the fund will give money to projects designed to “stimulate the economy” by, for example, employment and business support, skills training, infrastructure improvements and maintenance, and investment in improving productivity through technology.

Opera House Chairman Pierre Horsfall CBE said that he welcomed the initiative and the board would certainly be applying for funding.

Pictured: Opera House Chairman Pierre Horsfall CBE.

“The building, which is owned by the States, is in dire need of repair, which was clearly identified in a survey carried out 2019. 

“The roof leaks, the outside needs painting and we also need to make sure we comply with this year’s Disability Law when it comes to access. We also need to upgrade the electrics and fix other behind-the-scenes problems.

“The fund criteria says that projects need to be timely. Well, we already have a clear list of what needs be done so I’d argue that you can’t get more timely than that. It also makes sense to carry out these fixes and improvements when the theatre is already closed because of the Covid pandemic. We are ready to go!”

The £50m fund will be allocated in two £25m tranches, the first awarded to projects starting from November and the second for those starting from February. Funding will be capped at £5m per project and projects must be completed by the end of next year.

Another likely bidder is Jersey Business, which offers advice and support to people at every stage of the business cycle, from starting up to winding down and everything in between. 

Pictured: Jersey Business CEO Graeme Smith.

Its CEO, Graeme Smith, said he would need to see the criteria of the fund but added: “Given the work Jersey Business already does in working with businesses to grow and improve their productivity, we welcome the focus Government are proposing and look forward to developing additional programmes to support our business sectors.

“As you would expect, Jersey Business have played a key role in providing support and guidance to businesses throughout the Covid crisis and realistically we expect the need for support to increase as we move towards economic recovery.

“The fund being proposed is therefore crucial and timely and we look forward to working with Government and fellow ALO’s to ensure maximum economic value is delivered over the coming months and years.”

The £50m is coming out of the Government’s £500m overdraft that it negotiated with a consortium of five local banks in May. This drawdown will cost around £395,000 a year in interest. Up to now, the Government has only drawn on £5m of this ‘revolving credit facility’.