Report finds Jersey's economy has 'flatlined', growing by just 0.1% a year for two decades

Jersey's economy has "flatlined", growing by just 0.1% a year since 2003, according to a new report.

The Barriers to Business Report, which was commissioned by the Economic Development Minister, also reveals a stark analysis regarding the island's declining productivity, minimal growth and an ageing population.

The report, which cost £90,000, aims to look into Jersey's business sector and its relationship with the government.

The data is based on 428 individual responses with 58% saying that a lack of vision or understanding from the top was one of the greatest challenges.

A similar amount said that regulation in Jersey was harming their business.

Following its publication, Deputy Kirsten Morel has promised to "remove red tape" in government, something which Paul Murphy from Jersey Business says might be a good thing:.

He told ITV News: "I think there is an opportunity with change, greater communication and collaboration that we can build to a scenario where there is higher trust.

"It's a fragile thing, trust, but the good thing is actually it can always be developed."

The report also suggests that if Jersey had productivity growth similar to that seen in the EU, of around 2.1% a year, then the economy would be £200 million bigger.

Of those surveyed, 65% said staff recruitment or retention, the high cost of living in Jersey and the lack of affordable accommodation had also affected their businesses.

In total the report makes 38 recommendations which the government say they are working to address.

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