Monday 13 November 2017
The Committee for Economic Development (CfED) has today released a Policy Letter entitled "Guernsey Economic Vision: Investment, Growth and High Value Employment".
Deputy Ferbrache, President of the Committee for Economic Development stated:
"I am delighted to announce the publication of this much-needed economic vision for the Island."
Deputy Peter Ferbrache, noted that:
"Whilst remaining strong, our economy is not in the position that it once was or should be and this is a pivotal point for the economic future of the Island." In particular, he noted that "the economy has, at best, been treading water in recent years; we have seen virtually no real growth over the last three years, real median wages have recently fallen, construction is at a historically low level, and all anecdotal evidence on the local economy is that we need to positively address business confidence." However, Deputy Ferbrache is clear that "all the characteristics of success of the Guernsey economy still remain and with appropriate stimulus the economy can once again deliver the performance that is critical for the Island and its population".
Given the importance in addressing this, Deputy Ferbrache commented that:
"the CfED has taken the unusual step of proposing a policy letter for the States to consider without amendment, as it needs to sets a coherent vision for future investment and growth. As such, if the policy letter is accepted, the Assembly will be asked subsequently to approve more detailed measures".
Deputy Ferbrache commented that:
"The Policy Paper set a bold vision for development of the economy of our Island. It is proactive and seeks action from many. This vision can only be delivered in open and transparent partnership between Committees of the States, Industry, employees and other members of our society."
The paper itself sets out a series of areas of the economy and the way in which the CfED, typically in conjunction with others, intends to support the development of the Guernsey economy. The paper is wide ranging covering a series of themes:
- Improving strategic transport links.
- Improving digital connectivity, infrastructure and skills.
- Developing the Islands physical resources.
- Promotion of the Island.
- Developing the right labour force for economic success.
- Supporting the finance sector.
- Supporting the non-finance economy.