Chamber News Article

Jersey’s newly formed Economic Council has now held three meetings as part of the ongoing work to create the conditions for a strong recovery post-Covid19.

The Council is chaired by Senator Lyndon Farnham, the Deputy Chief Minister and Minister for Economic Development, Tourism, Sport and Culture, who is joined by Deputy Carolyn Labey, the International Development Minister. The 16-strong Council also includes community and business representatives from a wide range of sectors who are participating on a voluntary basis to receive, generate and consider ideas for reviving the Island’s economy.

Senator Farnham said: “We have gathered together a diverse group of high-calibre, experienced islanders, whose objective is to deliver blue-sky thinking and new ideas. We all share the same vision – to ensure Jersey emerges from this pandemic in a strong economic position and are firmly focused on making the island an even better place to work and live. We are considering how Jersey can develop a more inclusive and diverse economy, which was one of the aspirations highlighted in the recent States Assembly debate on economic recovery.

“We want to create the conditions that enable people and businesses to fulfil their potential, and improves the standard of living and wellbeing of all Islanders. We will be looking for initiatives that help to create new economic sectors or expand or renew existing sectors and improve the island’s overall economic productivity.

“We envisage that this group will be needed for a relatively short, but highly active period, so we can boost the initial effort needed to get our Island economy back on track.”

The Chief Minister, Senator John Le Fondré, said: “I would like to thank the members of the Economic Council for giving up their time, voluntarily, to help Jersey as it recovers from the impact of this pandemic. We must maintain a healthy economy, as that is what provides Islanders with rewarding employment and pays for the services we all need in order to thrive.  The Political Oversight Group will consider reports from the Economic Council as we work together to establish the best way to revive the different sectors of Jersey’s economy.”

The Economic Council’s discussions are taking place in parallel with economic recovery across the Government. This includes a redrafting of the Government Plan for the next four years and an assessment of fiscal measures to boost economic activity and support jobs and livelihoods.

The overall framework for the economic recovery work, included in the Council’s Terms of Reference, is as follows:

• Respond - immediate interventions to deliver household and business support
• Recover - fiscal stimulus programme to sustain demand and offset recessionary harm
• Renew - establish base for an inclusive economic recovery that benefits all islanders

The Council’s initial discussions have looked at general initiatives and targeted support for the hospitality sector and small businesses.

Membership of the Economic Council may flex according to requirements.

A Political Oversight Group (POG) sits at the top of the governance structure which will manage Jersey’s plans for economic recovery. 

Membership of the POG:

Government of Jersey News Release