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Jersey Publishes Economic Development Business Plan For 2008

by Jason Gorringe, Tax-News.com, London

31 December 2007

Jersey's Economic Development Department has this month published its 2008 Business Plan.

The Department stated that its aim is to achieve sustainable economic growth and diversification in the economy, and suggested that every economic indicator pointed to economic growth in 2007.

It added that employment continues to grow strongly with almost all the growth in the private sector, split fairly evenly between the finance and non-finance sectors of the Jersey economy.

Bank deposits, funds under administration and trust activity are also at record levels, and on the macro-economic level, the jurisdiction's economic growth is being accompanied by low inflation.

Economic Development Minister, Senator Philip Ozouf observed, with regard to this, that:

"One of the biggest challenges, if not the biggest in managing a growing Island economy is keeping inflation in check. Inflation is the thing that undermines all businesses and today it undermines efficiency and erodes our competitiveness."

He continued:

"We will try to break the cycle seen in past years that when the economy sees strong growth, inflation picks up and this feeds through into higher wages, rents and other costs that in turn feed through into even higher prices, compounding the inflation problem."

Commenting on the publication of the Economic Development Department's Business Plan, Mike King, the Department's Chief Executive Officer, explained that:

"The second year of Ministerial Government saw both the pace and scale of Economic Development Department (EDD) activity increase significantly, most notably through the full implementation of the Enterprise and Business Development Strategy that directly addresses growth in existing businesses, export trade development, business start up and broad based inward investment."

"Our objective remains clear - delivering economic growth at or above target levels across all sectors whilst constraining both inflation and the inevitable population related consequences of sustained growth."

Key objectives outlined in the Plan included:

  • Sustainable long term economic growth, at or above planned targets, delivering additional tax receipts and more diverse employment opportunities for local people whilst managing inflationary pressures within the economy;
  • New enterprises and companies with high value-added potential developed;
  • A co-ordinated approach to developing the skills required to support the economy;
  • A Financial Services Industry with an international reputation for integrity;
  • A vibrant visitor economy which adds value to Island life;
  • A diverse working countryside;
  • A regulatory environment in which business can prosper;
  • A comprehensive external transport strategy which benefits both business and residents;
  • An Airport that meets the economic and social needs of the Island, the expectations of passengers and the expectations of airlines;
  • A modern port that meet the economic and social needs of the Island, the expectations of passengers and the expectations of carriers; and
  • Staff and resources managed so as to improve performance and provide value for money.

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