He also sits on the Skills Executive and is chairman of the Jersey Conference Bureau and of the Bureau de Jersey.
SENATOR Maclean pointed out that he had assumed ministerial responsibilities in the throes of the global economic crisis and that it was soon apparent that Jersey was facing major challenges. However, there was a strategy for dealing with the challenges and for spurring economic growth.
Foresight had led to the creation of the Stabilisation Fund and £44 million was already being injected into the economy. In addition, Jersey was in a more favourable position than a great many other communities, with reserves, and no significant debt.
Though it faced projected budgetary deficits, public-sector expenditure was being rationalised through the Comprehensive Spending Review and the fundamentals of taxation were being examined through the Fiscal Strategy Review. But he said: ‘We must not try to tax our way out of deficit. Growth is critical.’
And he said that the Island’s growth strategy depended on the five pillars of enterprise, investment, innovation, skills and competition. It also depended on a fundamental philosophy of offering not hand-outs, but hand-ups. There were, therefore, grants to encourage entrepreneurs, though established sectors were being helped too.
For example, States support for Jersey Finance Limited, the organisation promoting the financial services industry, had been increased at a time when economies were being made in almost all other areas of public expenditure. He also noted the early successes scored by the convention organiser, the Jersey International Business School.
There were, meanwhile, interesting examples of cost saving, such as sharing a single competition regulatory chief with Guernsey – an appointment which had been finalised in only three weeks from beginning to end. ‘Miracles can happen, even in the public sector,’ said Senator Maclean.
But there were plenty of opportunities for further gain. ‘Government is not an entrepreneur, but it must be a facilitator,’ said the Senator, who asserted that it was possible to remove substantial amounts of the red tape that can strangle enterprise.
Often, moreover, the enterprises most severely affected by too much bureaucracy were small ones – and in numerical terms they were the core of the Jersey economy.
Nevertheless, finance was still recognised as the bedrock of the Island’s success, though there was still massive scope for it not only to grow, but also to refine the way in which it is supported. ‘Malta has outsourced its financial services legislation. Now there’s a thought,’ he said.
Finance might be king, but traditional industries such as agriculture and tourism were being offered support, too. A new tourism strategy was on the way and a better model of assistance, perhaps based on increased private sector involvement, was under consideration. In agriculture, the new dairy and impressive new potato handling facilities were signs of confidence.
Diversification was also on the agenda, though it was no easy matter, but there were great expectations for e-gaming and intellectual property business, both of which are to be boosted by new legislation. ‘The future is productivity-led,’ said the Senator. ‘By delivering smaller government we will get out of the way of enterprise.’
