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I’ll let you into a secret. We always have a giggle in the newsroom when the annual FPP report drops. To all those lucky enough not to be acquainted with such acronyms, the Fiscal Policy Panel is the group of independent boffins tasked with letting the Government know which way the economic winds are blowing – and at what gale force.
Translating what red flags or frustrations the economists are oh-so-very diplomatically trying to raise to our leaders is a great sport. Have a go with some of these gems from the latest report, which landed in my lap(top)
this afternoon:
“There are emerging signs that domestically generated inflation may be becoming more entrenched” – the so-called ‘Jersey Premium’ is going to be scr£wing us for a long time yet.
“This dependence on the financial services sector… is also a source of risk as many of the factors that determine financial sector revenues and profits are outside Jersey’s control” – we’ve still not found another place to house some of the eggs sitting in our big finance basket – and it’s possible a hungry fox from elsewhere could snaffle them up.
The latter’s nothing new – diversifying the economy has been an objective in more political reports than most islanders would care to count. We know this – we’ve always known – and we’re not going to sort it any time soon, not least because there’s so little spare cash sloshing around to help get new industries off the ground.
Making Jersey a cannabis world-leader was due to be our next punt, but it was confirmed last month that Government “resource constraints” meant a proper strategy to make that happen has been put on the backburner – despite hundreds of thousands already being spent on laying the foundations.
The Budget has, however, extended just far enough to awaken island hero Mr Jim Bergerac from his decades-long slumber with the help of £1.8m (FOCUS, P4).
Filmed partially in Jersey this summer, the reboot takes us back to the future in more ways than one. Not only are we resurrecting a beloved detective drama harking back to a time when shoulder pads were as thick as the wads of cash (allegedly) being stuffed into Jersey-destined suitcases by individuals seeking a safe harbour for their gains, but we’re also told the show will serve as a “catalyst” for building Jersey’s very own screen commission – an idea floated 20 years ago by our current Chief Minister, then revived 10 years later, before being struck down by some not-so-white Knights.
The argument has always been a simple one: TV means tourists means money.
Time will tell whether Damian Molloy’s allure will be able to rival the Nettles effect in cold hard cash. Whatever the future outcome, it was pleasing that a return in opportunities via apprenticeships was a condition of the funding. This magazine has long called for innovative ways of engaging and retaining young talent on-island with opportunities beyond our biggest industry and all efforts are to be applauded.
Our cover star, Victoria Queree of NEON hair salon (NODJ, P28), is exemplary in this field. Her training school for aspiring hairdressers and barbers this year won one of the
‘Oscars’ for the industry. As she rightly highlights, there is no AI substitute for industries like her own, which are the
bedrock of a truly vibrant economy.
On the topic of recruitment and skills development, this edition features a Coffee Chat with ASL (P54), whose enthusiasm for finding the right roles for the right people is infectious, while our special edition cybersecurity supplement is filled with expert views on the threats businesses and individuals alike ought to ready themselves for.
Enjoy Connect.
