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Monday, 11 June 2012

Bailhache wants a bail-out at Plemont

Sir Pip has been on the front page of the paper again spouting his usual out of touch nonsense, this time he wants the States of Jersey to purchase the Plemont headland for 'future generations'.

No thanks Sir Pip... I do not want my tax money used to bailout a property speculator who made a bad bet.

When he purchased the headland he did so in full knowledge that the site did not have permission either for development or for a change of use, he took a risk.

Now that we know that nothing is likely to ever get planning permission on the headland what is the value of a piece of headland which is only fit for grazing sheep? Let's assume that the market value is one thousand pounds. Now deduct the cost of making the site safe and/or removing the derelict buildings and the real value of the land is LESS THAN NOTHING. It actually costs to own it.

So why should we the taxpayers of Jersey give a profit to a speculator who made the wrong decision... the market says we should not, his loss, what a pity, never mind.

Once again Sir Pip has shown that he is not in touch with reality, has no clue about economics and really is incapable of representing anyone.

Just tell the speculator that it will NEVER be developed and he can sell it to the National Trust for Jersey, at least we can trust the National Trust for Jersey, we can never trust the States of Jersey they'll be building on it next week.