Senator Ozouf to Stand Down from States Assembly in May 2018

Senator Ozouf to Stand Down from States Assembly in May 2018

In 1999 I stood on a platform of pro-competition, reforming machinery of government and introducing more sustainable long–term public finances.  I highlighted the need for a fairer deal for the urban Parishes and other social changes. I worked hard to progress a significant range of policies and initiatives I believed would improve the lives of all islanders.  Having been born and raised in Jersey I studied Economics and Languages at Business School and then had the experience working for one of the world’s most respected private companies around the globe before returning to Jersey in 1998 for what was initially planned to be a short break before taking up a position in Africa to further develop my business career.  However, after experiencing barriers to reduce costs for farmers, and having listened to various States debates, I became convinced Jersey needed to change its approach of the management of public finances, the economy, and be far more long-term and strategic. Even though the island had been enormously successful up to the end of the 1990s, there were storm clouds developing internationally, but only a few seemed to notice.  For that reason, I decided to stand for the States, and I was privileged to be elected as a Deputy for St Helier, a Parish for whose people I have never forgotten gave me this first opportunity to serve the public of Jersey.  Since 1999 the island has weathered financial crises, taken many difficult but necessary decisions to re-balance and re-structure the island’s public finances, developed a new framework for the development of the island’s Financial Services sector based on sound business and quality, and continues to lead the world in numerous areas of expertise.  The need to respond to huge global challenges has resulted in building stronger and more co-operative relations in London with both the U.K. Government and many other countries and global organisations around the world. Domestically in 1999, Jersey Telecoms, Harbours, Postal and Housing were all States departments. Today SOJDC and all these departments have been incorporated into successful stand-alone entities. Competition has been introduced in many sectors, such as telecoms, and recently my long-term ambition of lower fuel prices has finally begun to take effect.  There is still much to do. However, today there is much more longer term thinking, spending is no longer set annually, there is an independent statutory Fiscal Policy Panel, a Comptroller and Auditor General, investment strategies have been...
Candidacy Declaration  Guernsey States of Deliberation 

Candidacy Declaration  Guernsey States of Deliberation 

Philip OZOUF of Jersey has declared his intention to stand for election for one of the five seats in Guernsey’s “West District” in the forthcoming Guernsey Elections.    Mr Ozouf, a resident of St Saviour, Jersey has been long-standing proponent of closer Channel Island cooperation. First elected as Jersey Deputy in 1999, re-elected as Senator in 2002, 2008 and 2014, he has discharged the functions in the Jersey States, as of President of État Civil, Environment and Public Services, Vice-President of Finance and Economics, Minister for Economic Development, Deputy Chief Minister, Treasury Minister and today as Assistant Chief Minister responsible for Competition, Digital, Financial Services and Innovation. Under the Code of 1771, any person born in either island is eligible to stand for election in any of the Island’s historic Legislative Assemblies. This provision has never been invoked before and will be subject to bilateral rulings in both Island’s Royal Courts, which are being invoked this morning. The Orders of court are expected to made later today. (See link to below) Philip Ozouf said “For the last 16 years I have argued passionately for closer cooperation in the Channel Islands. Following consultation with many residents in St Saviour in Guernsey and Jersey, I’ve decided that the best way to achieve greater alignment is to stand concurrently for both States Assemblies. “If elected, I would propose to spend equal time in both islands. In addition I would continue to spend at least one day a week in Jersey’s London office, which I hope would become the Channel Island London office. “If elected I would propose to return half the salary...

Fuel Farm – Statement on new provisions for effective Competition and Regulation interventions

The renewal of the lease for La Collette Fuel Farm has caused some to question its impact on fuel pricing in the Island. While the details of the lease could not be discussed while negotiations were on-going last week, I am now in a position to be more explicit. I am pleased to be able to report that the new lease and accompanying operating agreement contain, for the first time, conditions that mean any breaches of the Competition Law or conditions imposed on the fuel farm by CICRA can result in the lease being cancelled by the States. These significant new safeguards have been designed to lower the barriers to entry for businesses to supply fuel in Jersey.  This will facilitate competition in the fuel market which will help to keep import costs down for the benefit of consumers. Irrespective of who owns the fuel farm it is essential to allow competition and ensure that the facility is operated on a fair and non-discriminatory basis. The inclusion of new safeguards in the lease is only the starting point and it is essential they are enforced fairly. Having assumed the responsibilities for Competition on the 1st January this year, it is my job to ensure that happens. The major review of Jersey’s competition framework, which was completed by Oxera and overseen by Professor Sir John Vickers, paves the way for a strengthening of our competition and regulatory arrangements overseen by the Chief Minsters department and working with CICRA to make sure that all markets work in consumers’ interests. I wish to re-state my commitment to ensure that all the 23...
St Helier Branch of Channel Islands Securities Exchange

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...
Digital Jersey 2015 Launch

Digital Jersey 2015 Launch

View 2015 DJL Business Plan 1. Good Evening 2. I’m delighted to be joined with Senator Lyndon Farnham as well as other ministers and States members for this important 2015 Update. 3. In fact whilst I’m up here it doesn’t matter which of us which would be speaking 4. With The strong support of the chief minister, ed minister and treasury minister – with collective responsibility you have the support of us all. 5. I may be speaking to the converted. But I’m am absolutely convinced that Digital is at the heart of the next phase of Jersey’s economic evolution 6. Whether we succeed or not lies in the hands and minds of many people standing here this evening. 7. When the Chief Minister asked me to continue my responsibilities for Financial Services, but excitingly added on the government leader on Digital, Innovation and Competition I was delighted. 8. I personally think I have the most exciting job in politics. 9. So at a high level, both Lyndon’s and my role together with our Assistant Ministers is to stimulate economic growth. 10. Do everything that Government can do to fast track high value jobs which will produce income for the Treasury. 11. At a more practical level, our challenge is to break down any silos in government or near-government that prevent business growth and tech business start-ups in Jersey. 12. And we intend to do just that. 13. Digital policy is now at the centre of Government. 14. The necessary high level and high powered, rocket boosters, turbo chargers and accelerators to get where we need to be. 15....
Cryptocurrency Regulation and Jersey

Cryptocurrency Regulation and Jersey

There are some some exciting new developing areas in cryptocurrency; firstly, the rapid evolution of cryptocurrency itself. This is both in terms of newer currencies, but also how people are using existing currencies, such as Bitcoin. For example, multi-signatory payment authorisation of up to 20 people only came in in 2012 – which was 4 years after Bitcoin was created. Secondly is the growing need to protect consumers and local businesses from harm and thirdly is the growing need for suitable Regulation. Law enforcement has been tremendously successful around the world in its use of traditional mechanisms and tools to track criminal activities. A clear example from January this year is when US prosecutors seized 28 million dollars of Bitcoins from Silk Road, a website trading in illegal drugs and allegedly facilitating money laundering. However there are limitations to the effectiveness of traditional methods. Centralised regulation must avoid creating a single point of failure into a decentralised network such as cryptocurrency but before any jurisdiction can regulate effectively in this area, we must wait until the technology has evolved enough and is suitably understood. It is important to distinguish the two distinct strands on Cryptocurrency Regulation; the first is the approach towards anti-money laundering and countering terrorist financing legislation in this area; the second is any regulation by the financial regulator, which would involve ongoing monitoring and supervision. Jersey has consistently taken a pro-active approach in advancing the worldwide fight against anti-money laundering and countering terrorist financing. In the area of cryptocurrencies, this approach will not change. Jersey is committed to introducing an appropriate and proportionate regime and this...