THE Economic Development Minister has emphasised government efforts to boost the economy in the wake of pessimism expressed by business leaders in a recent survey.
Respondents to the Institute of Directors and Chamber of Commerce survey outlined “weak” confidence in Jersey’s economy, saying government strategy and workforce pressures were among the factors holding back investment and growth.
Deputy Kirsten Morel said ministers shared the IoD’s desire for the public and private sectors to work together.
“The government is working to remove unnecessary bureaucracy for businesses, as well as focusing on skills development, improving the planning processes, and strengthening Jersey’s reputation as a stable and well-regulated place to do business,” he said.
“We’ve invested over £13 million for companies to boost their skills and capital, we’re establishing a competitiveness strategy for financial services, we’re backing new air routes and a better ferry service, and we’re promoting the Island by investing in high-profile projects like the new Bergerac TV series.”
IoD chair Alex Ruddy said the business community was sending a “clear message” about the challenges facing the sector, with targeted action needed to restore confidence.
But Deputy Morel said he believed there was “plenty of good news” in the survey. “Two-thirds of respondents are optimistic about their own organisation, and Jersey businesses are significantly less pessimistic than UK businesses,” he said. “More than a quarter of Jersey businesses increased their staff in the past year because of growth.
“As the Fiscal Policy Panel said last year, Jersey ‘has recently experienced unusually strong economic growth’ – the economy grew by 7.3% in 2023, significantly greater than any OECD member, and compares very favourably with 0.3% growth in the UK and minus 2% in Guernsey.”
Deputy Morel concluded: “Ministers are not complacent, and we know there is more to do. We hope that the IoD debate in April will be an opportunity to strengthen our partnership with the private sector.”
The IoD debate, hosted by newsreader Natasha Kaplinsky, takes place on the evening of Thursday 24 April at the Royal Yacht Hotel in St Helier. Further details are available at iod.je/news-and-events/events.
