A £30 million investment plan has been announced to support businesses in Jersey, with the Government of Jersey introducing three new initiatives aimed at boosting productivity and growth.
The initiatives include a £20 million "Better Business Support Package" to help businesses enhance productivity and adapt to upcoming minimum wage changes. Additionally, the Agricultural Loans Fund has been reopened with £10 million to support farmers and agricultural businesses, while the Impact Jersey CX Tech Programme will offer up to £500,000 in match funding to improve customer experience technology.
Local industry leaders have welcomed these investments as "essential" support for the island's economy. Deputy Kirsten Morel, Minister for Sustainable Economic Development, emphasized that the funding aims to drive sustainable growth, saying, “To reach our goal of becoming a high-performing, environmentally sustainable, and technologically advanced small island economy by 2040, we need to invest in transformative change.”
Supporting Growth
The Better Business Support Package, which is subject to approval by the States Assembly as part of the budget, includes various measures to help businesses improve productivity. The package will also aid businesses in preparing for the minimum wage increase to £13 per hour in April 2025, with a further adjustment set at two-thirds of the 2024 median wage in the following year.
Marcus Calvani, co-chief executive of the Jersey Hospitality Association, expressed strong support for the investment, stating that it would “play a crucial role in fostering growth” during a period of economic adjustment.
Positive Impact on Agriculture and Customer Experience
The reintroduction of the Agricultural Loans Scheme, inactive since 2003, has been positively received. Douglas Richardson, President of the Jersey Farmers’ Union, highlighted its importance, saying, “These measures will help us maintain a viable and sustainable farming sector, which is vital to the island’s way of life.”
The CX Tech Programme, aimed at enhancing customer experience through tech-driven solutions in Jersey's retail, tourism, hospitality, and logistics sectors, is also part of the plan. Digital Jersey’s Chief Executive, Tony Moretta, noted that the program was designed to make a "positive impact" for both residents and visitors, benefiting Jersey’s retail and service sectors.