Economic Council Paper- “New Perspectives - Critical considerations for sustainable economic growth”

In light of the increasing impact of the Covid-19 pandemic, several individuals from diverse backgrounds, representing a wide cross-sector of industry and social sectors, had been asked by Government, to volunteer their time to work together as the “Economic Council”. The purpose of this group was to develop some new perspectives on Jersey’s economy.

Since that time, the independent members of the Economic Council have given up a significant amount of time to produce the attached paper entitled "New Perspectives - Critical considerations for sustainable economic growth" which has just been issued today.

This follows a social media Teams call with Senator Farnham who chairs the Economic Council. Also attached is a copy of the press release which has been issued, from which you will see that it references that whilst in recent months, there has been a significant focus on major short-term issues, New Perspectives addresses Jersey’s long-term economic prosperity.

The paper constructively challenges Government in the key areas of defining a long term vision for Jersey's economy, our levels of ambition and rates of progress. It is very consciously not written to criticise.

Its contents are not meant as a definitive set of policy statements, nor as a full 'consultant's report', but instead as an attempt to shift more of the focus on the long term, with the prosperity of the whole Island in mind, over the next decade and beyond, for the benefit of future generations.

It contains five 'essays' on selected key strategic themes affecting the world, not just Jersey, to set out some of the considerations which the Economic Council believes that vision should take into account. Again, these are not definitive, but 'points of view' to pose some questions of where Jersey sits on these important inter-related themes; whether we have sufficiently bold ambitions, clear plans and appropriate rates of progress (given external benchmarks), as well as containing some suggested ideas for adoption.

The "messages to Government" which we have set out also highlight some potential key steps and principles for how we can make progress.

The Economic Council would like the paper to be the catalyst for a new debate, helping to bring clarity on an inspiring vision for the Island's economy.

I hope that this is useful background as well as the summary which can be found at the beginning of the paper and that you find the full paper to be of interest.

Click here to read the press release issued in respect of the Economic Council paper and click here to read “New Perspectives - Critical considerations for sustainable economic growth”, written by the independent (non Government) members of the Economic Council.

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