A lack of cheer for charities
Monday 29th December 2008, 3:00PM GMT.
JERSEY’S charities are preparing for one of their toughest ever years as the looming recession threatens to cut dramatically the amount they receive in donations.
Several local charities have told the JEP that the economic crisis is already beginning to affect their business and that they were expecting 2009 to be a tough year for fund-raising.
Chris Renouf, the chairman of the Association of Jersey Charities, said: ‘Because of the economic climate, people are looking to economise and donations to charities are an obvious target for them. I am not aware of any charity shops closing in Jersey, but we do lag behind the UK, so what is happening there could filter down to us next year.
‘I expect that this could be a tough year for charities, and if firms start making redundancies, people are going to start tightening their belts and the number of donations will undoubtedly drop.’
• Picture: A bra dash through St Helier was among the successful charity fund-raising events this year
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Again the inappropriate use of the term “recession” by the JEP. 2 successive quarters of negative growth. Look it up. Even the UK economy is not in recession yet and the chances of the Jersey economy seeing a recession in 2009 is slim to none.
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I should point out that the JEP refers to a looming recesssion and not to the fact we are in recession.
Jersey may not be suffer a recession in 2009 but a lot of people are not expecting the pay rises and bonuses they enjoyed in previous years, are looking at hanging on to their jobs in an uncertain climate and are involved in general belt tightening, deferring expenditure etc until the economic outlook is more cheerful.
So not a recession in the economically defined sense but shops etc are going to have to work harder to get the consumer to part with their pounds.
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Two words spring to mind.
Blood and stone
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Pip – I’m not sure I understand you. If we are not in recession what is your point? Being in an ‘economically defined sense’ recession is quite serious and should not be compared to a slow down in the economy. A slow down in the economy, or to put another way: a more realistic and sustainable rate of growth in our economy, is just what we need to curb inflation slowing the increase in the likes of food and energy costs.
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My point is that the Jersey economy has been running on a very high level of consumer expenditure for some years.
In some cases people have been spending more than their annual salary by running up debt.
People are now trying to save, pay off existing debt and certainly are not keen to take on new debt.
Also you must realise that fast rising property prices in Jersey have given home owners the confidence to take out cheap loans for big ticket goodies.
Stagnant or falling house prices are going to kick away one of the huge props that the Jersey retail sector has enjoyed over the last few years
So not a recession as such but money will be tight.
My prediction is that we will enter a period of stagflation in the next year or two.
The world economy will start to grow again but it will be hobbled by sharply rising commodity prices particularly oil.
So I reckon grim all round with the possibility of civil unrest in a few places.
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