Economy
Reduce friction on businesses created by Government
Review where Government imposes costs on businesses and create a plan to see these reduce where possible. Ensure regulatory requirements are proportionate and enabling.
Regulation is important in Government and serves a purpose. it should enable the island’s businesses to provide services locally and globally with a good reputation and provide the necessary safeguards for consumers.
What we must do is make sure the regulation imposed by Government, and its regulators such as the JFSC (Jersey Financial Services Commission) and the JOIC (Jersey Office of the Information Commissioner) is balanced and proportionate.
Reducing Fees
Our financial services industry has driven a need for high levels of regulation, but this has filtered in to other aspects of the local economy. Local businesses must pay hundreds of pounds per year just to register their business, and then more to have it registered with the JOIC, which in 2024 had an income of over £2.3 million and circa 20 staff.
We must drive our regulators to embrace technology and efficiency, and deliver reductions in business fees where possible.