Latest Blog News

The importance of Innovation

          I have already thanked Tera Allas for what is a comprehensive piece of work which is already proving to be highly influential as we start to significantly ramp up our policy efforts in this area. The report can be a game-changer for Jersey but success – which is about raising our economic growth – lies in the implementation. We must start now if we are serious about releasing Jersey’s innovative potential. The report has clearly received a warm reception from the local business community across all sectors – including Finance and growing Jersey Technology sector and have been greatly encouraged by the many messages received welcoming of the report and clear support for all the recommendations. No time is now being wasted in progressing the recommendations. With Innovation Policy being transferred to the very heart of Government this will ensure that implementation of the report has a clear political focus at the centre of government. With the the full support of the Chief Minister and the Council of Ministers we can achieve great things for Innovation. I am working to immediately bolster the structures and resources available within government to take forward this vital area of policy, in line with the recommendations in the report. Implementation of the report will require coordination across a number of States departments, with delivery partners and with the private sector. I have already been assured of the support of a number of these important players. Last Friday afternoon I met with the new Chief Executive of Digital Jersey, Tony Moretta, and feel confident I can rely on Digital Jersey... read more

Retail Sales and Innovation

The States Statistics unit have this morning published the latest Jersey retail sales (which exclude internet sale). They indicate a continued positive trend on the high street with overall volumes 2% higher than a year ago for the fourth consecutive quarter. Food and non-food sectors both showed year on year growth in sales volumes, although volumes still would have some way to go to meet to get back historic highs. Whilst retail sales volumes are not necessarily a good indicator of overall economic performance (especially given the growing importance of internet purchases) this data remains consistent with other economic data showing signs of an improvement in economic conditions locally in 2014 and into 2015. Other recent data including – higher employment/social security contributors, – real average earnings growth in June 2015, – lower unemployment, – low inflation, – positive BTS survey results for finance/non-finance – strong growth in finance sector profits in 2014. The Jersey economy has turned the corner with the FPP now forecast growth of 5.6% bolstered very strong financial services profits 2014. The financial services sector as a whole continues to show a strong performance in 2015. Finance is capable leading the Island’s economy out of recession. However it is likely we will see both gains and losses in Financial Services firms. In Finance the objective continues to be to grow and create new jobs at a faster rate than the inevitable and expected contractions. Just as in retail, some global institutions continue to be affected by factors outside the island and will in some cases retrench. Technology and FinTech will inevitably lead to all finance... read more

St Helier Branch of Channel Islands Securities Exchange

My remarks tonight. Bailiff, Chief Minister, Ladies and Gentlemen 1. Can I say on behalf of the Jersey government how delighted we are than the Channel Island Securities Exchange has taken the important symbolic and real step of opening a physical presence here in St Helier the, home of our International Financial Services Business. 2. I understand that around 50% of the Exchange’s business comes from here in St Helier. 3. So it’s really good news the Exchange has responded to this demand and setting up the branch here in St Helier. 4. All the indications are that there is a welcome and positive increase in exchange listed investment funds 5. Moreover that these will be more widely used in future. 6. We are extremely positive about the future growth of our Financial Services industry and there is an important requirement for those structures to be listed which the CISE fulfils. 7. Throughout the centuries exchanges have played a vital role in the development of economies around the world. 8. The strategic plan initiatives that the Chief Minister launched last week put Economic Growth at the very top of the agenda. 9. We in government are determined we do everything we can to foster an environment which supports growth & expansion of existing businesses and the starting up of new ones. 10. We are determined to position Jersey as the most helpful, welcoming, responsive business environment which encourages enterprise, innovation and competition. 11. That’s what will raise the standard of living of all as well as producing the income government needs to allocate efficiently to the greater financial demands... read more

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