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Two finance centres: That’s an odd way to limit immigration
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From John Clennett.
THERE appears at present to be a strange dichotomy existing between members of the newly appointed Council of Ministers.
On the one hand we have the Chief Minister and several others who believe that the Island is overpopulated, that immigration should be restricted, and that such jobs as are available should go to the local unemployed, particularly those in the lower age groups.
On the other hand we have the Treasury Minister and his supporters who believe that it is paramount to support the finance industry and that this requires the creation of a substantial amount of new office space.
In this regard, we have Messrs C Le Masurier wanting to create a new business centre in the centre of town, in respect of which they say they have the funds available, and the States recently giving approval to a further development on the Waterfront on the site of the Esplanade car park.
The capital implications of such a scheme have not yet been disclosed, but it appears to have been enthusiastically adopted by the newly appointed managing director of the recently formed Jersey Development Company.
Proceeding with either scheme would seem to have two possible outcomes, assuming that the developments are successful and rents appropriate: either there is a migration of existing businesses into the new premises, leaving a substantial amount of vacant offices in town, with little change on employment, or there is an influx of new businesses. These new businesses would most likely need trained staff.
It seems most unlikely that there would, in any event, be a need for both developments, but proceeding with either would seem to be totally contrary to the concept of population limitation.
If there is going to be some form of population limitation, it may soon be too late.
So where do we go from here?
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