A “CLEAR mandate for action” to revive confidence in Jersey’s economy – including through greater collaboration with Guernsey – has been highlighted by the Institute of Directors in the wake of a survey carried out in both islands.
The IoD has released the findings of its second economic confidence survey, which gathered insights from 70 of its members in June.
While 56% of local respondents were “optimistic” about their own businesses, only 17% felt this way about the broader Jersey economy.
Outlining its findings, the IoD noted that: “This net confidence gap of -33 for the economy versus +40 for individual organisations underscores a cautious outlook on macroeconomic conditions despite internal business resilience.”
Participants were also asked to identify areas to stimulate economic growth, with respondents in Jersey identifying infrastructure investment, the attraction of new industries and improvements to housing affordability as the top priorities for doing so.
“Other important areas include reducing business costs, enhancing workforce skills, and improving connectivity,” the report added.
“Guernsey members cited infrastructure investment, housing, connectivity and diversification as the main catalysts of economic growth.”
IoD Jersey Chair Alex Ruddy said: “This survey provides a clear mandate for action. While our members are confident in their own organisations, they are calling for bold, strategic investment and policy clarity to restore wider economic confidence.”
She continued: “Collaboration across the Channel Islands, support for innovation, and a focus on infrastructure and housing are essential to Jersey’s future prosperity.
“Many of the initiatives IoD Jersey is working on at the moment with members, the wider industry and policymakers are aimed at targeting the problem statements and ensuring the sustainability of businesses and the island.”
Ms Ruddy noted that both of the IoD branches in the Channel Islands had been “engaging more closely” and that the organisation wanted “to see this replicated with our political leaders”.
Richard Hemans, IoD Guernsey’s lead on economics, said the survey had highlighted “clear
recognition” within the business community of the similar challenges faced by both islands.
“Our economic, geographical, demographic, constitutional and fiscal profile is so similar, the best way to confront our mutual challenges is to work together more closely.” he added.
“Politicians in both islands should heed this unequivocal feedback.”
Comparative Confidence Index (IoD report).
- Jersey: -33.8 (economy), +40.0 (own organisation)
- Guernsey: -11.0 (economy), +42.0 (own organisation)
