Latest findings from a survey carried out by the island’s Institute of Directors has shown that lack of confidence in the Jersey economy far outstrips that shown by their Guernsey counterparts.
And they want their government to work more with Guernsey to improve matters.
The results have even surprised business leaders in Guernsey.
‘Our stronger confidence in our economy over the next 12 months compared with Jersey is in stark contrast to local perceptions in Guernsey that Jersey’s economy is more robust and resilient,’ said Richard Hemans, economics lead at IoD Guernsey.
The Jersey survey was taken from 70 IoD members last month. It showed that 56% of them were optimistic about the prospects for their own businesses, but only 17% felt that way about the broader Jersey economy, leaving a ‘net confidence gap’ of minus 33 for the economy, compared to minus 11 in a similar Guernsey survey taken just before the election.
Jersey IoD chairwoman Alex Ruddy said that the survey gave Jersey politicians ‘a clear mandate for action’ to pursue economic growth.
Her members have called for infrastructure investment, attracting new industries, reducing costs, connectivity, and making housing more affordable as their top priorities, similar to the findings of the Guernsey survey.
‘While our members are confident in their own organisations, they are calling for bold, strategic investment and policy clarity to restore wider economic confidence,’ she said.
‘Collaboration across the Channel Islands, support for innovation, and a focus on infrastructure and housing are essential to Jersey’s future prosperity.’
Mr Hemans said it was notable that both islands were seeking similar solutions to stimulate economic growth.
‘There is clear recognition from the business community in both islands that given the same challenges apply to both islands and our economic, geographical, demographic, constitutional and fiscal profile is so similar, the best way to confront our mutual challenges is to work together more closely,’ he said.
‘Politicians in both islands should heed this unequivocal feedback.’
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