The Chief Minister, Senator John Le Fondré, gave the opening address and called on businesses to prepare their staff for the disruption ahead, with retraining opportunities and pledging to invest in local talent.
Referring to the conflicting statistics which reflect the Jersey economy, he said that the Island ccould not ignore the poor productivity levels, even though employment levels were high. Addressing these will form part of the Common Strategic Policy that would be launched in October. The Senator also said that while the Island might have to consider a no-deal with Brexit, there was positive ongoing work going on with the UK to define a new Customs arrangement and he was hopeful that the UK’s World Trade Organisation agreement could be extended to the Island.
Simon Jack, the BBC’s Business correspondent, gave a precis of the global economic situation and its threats and challenges. He has been talking to a number of high-profile business leaders, including the former boss of JP Morgan, Jamie Dimon, who told him that London was ‘done for’ in the long term. Mr Jack likened the City to a coral reef that had grown up over centuries and could not be killed overnight, but was being damaged bit by bit. He said that jobs which would have gone to the UK were now going to New York, which had been the biggest beneficiary of the Brexit effect in financial services jobs.
However, Mr Jack said that Jersey could succeed. ‘Jersey has got a real opportunity. It is nimble and can address some of these issues like productivity. The scale on which Jersey can operate will help it.’ He picked up on the unique opportunities that fibre to the home and office presented and the digital and fintech possibilities helped by the Island’s regulatory incubator.
A panel discussion also took place with the former head of the Army, General Sir Peter Wall, the chief executive of RBS International, Dr Andrew McLaughlin and the ceo of the States of Jersey, Charlie Parker.
Sir Peter Wall said that while we hadbeen mesmerised by Brexit, ‘It’s not a risk, it’s a fact. We need to think about our objectives and how to galvanise our people.’ He said that most businesses went wrong because of hubris, greed or poor leadership, not because of external factors.
As digital disruption impacts on certain sectors of employment, Mr Mclaughlin said that finance needed to release some of those people back into the rest of the economy and those sectors who did not feel they could access the right people. Mr Parker picked up on the issue of retraining and upskilling and said a workforce development plan was needed for the Island to address the forthcoming challenges, especially in automation.
