JERSEY is in a far better position than most to weather the economic storms ahead, but the States should still be doing whatever they can to minimise the breadth and depth of the downturn.
That was the message the Economic Development Minister gave to more than 800 Islanders who attended last Thursday’s Jersey Enterprise Awards at Fort Regent.
Senator Alan Maclean said: ‘Thanks to a successful fiscal policy Jersey has no debt, a significant reserve and a stabilisation fund that contains almost £140m. But the stabilisation fund must be spent wisely. It is not a free-for-all, or a self-service buffet for general or additional government spending. Much of the fund will have to be used, as it was set up to be, to balance the books during the economic downturn.’
In his address, the minister said that the next three years would be ‘an intoxicating mix of threat, challenge and opportunity’ and that businesses would have to work together with the States.
Pictured: Senator Maclean at the Jersey Enterprise Awards