THERE has been a familiar phrase in circulation in recent weeks: “stability”.
It is a word that anchors Jersey promotional brochures, describing an economy and a constitutional standing insulated from the more jagged edges of global affairs.
It was also recurring theme in the financial competitiveness strategy unveiled last week, and appears in fresh evidence today with the revelation that one of the world’s largest hedge funds is exploring Jersey as a base for staff seeking a retreat from the conflict of the Middle East.
Jersey, here, is the calm port in a global storm, a jurisdiction primed to reap the dividends of its well-earned status as a safe haven while Dubai’s is clouded by conflict.
Yet “stability” is a term that can sit uneasily for many Islanders in moments of global tension, feeling less of a shield and more a thin veneer.
Like the eras of Covid, Brexit, and the invasion of Ukraine that preceded the energy crisis of 2022, the macro-economic benefits of our stability do not always filter down to the kitchen table.
The experience of 2022 ago showed with brutal clarity how, when energy prices spike, the ripples extend beyond the forecourt to the price of a basket of shopping, the viability of a local café, and the daily anxiety of families deciding whether they dare turn on the heating.
At the time, charities stepped in to fill the gaps. Among them, Caring Cooks, whose ‘food or fuel’ campaign has since seen some 2,500 vouchers distributed to families in need – a sobering statistic for a “stable” finance centre.
With the Strait of Hormuz remaining a choke point for a fifth of the world’s oil, we have already seen local petrol prices climb once more. Yesterday’s announcement from Island Energy of a temporary price increase only adds to the sense of a gathering storm.
The Chief Minister’s confirmation this week the Emergencies Council has been convened and is “monitoring” the situation is a necessary acknowledgement of the gravity of the situation – but, as the Consumer Council has already pointed out, “monitoring” is not a safety net. True reassurance requires the certainty of a “worst-case” plan.
Tomorrow, the Chief Minister and his Deputy will appear to be grilled by an audience at All Island Media’s latest Question Time event. It is a timely opportunity. People – and, in a matter of months, future electors– will not be looking for a lecture on the complexities of Middle Eastern geopolitics or the nuances of global supply chains. They will be looking for solutions.
Keeping an eye on a fire, at a safe distance, is one thing. Having the hose ready is quite another.
