Jersey Government launches multi-million pound business support package to boost productivity
Jersey's government has announced £30 million of business investment and support schemes in an attempt to stop the island's low levels of commercial investment.
Deputy Kirsten Morel, the island's Minister for Sustainable Economic Development, confirmed yesterday (11 November) that the Government is releasing £20 million worth of 'financial support measures' to boost productivity and help businesses adapt to having a higher minimum wage of £13 per hour from 1 April 2025.
Full details of the support package include:
£2.3m Productivity Grant to help employers invest in a product or process improvement
£2m Skills Grant to help employers invest in apprentice and skills training
£1.1m Rural and Marine Grant to top up funding to the existing rural and marine support schemes
£1m Visitor Economy Development Grant, a productivity grant ring-fenced for visitor economy employers
£2m Destination Marketing Grant, a top up grant for Visit Jersey to increase tourism demand
£1m Route Development Grant, a contract for Ports of Jersey to improve connectivity
£300,000 Additional Employee Support to offer support to lower income workers who have lived in Jersey for less than five years.
The Government also says a small amount of the funding will be used to deliver and market the schemes, as well as helping develop an online portal to make the grant application process more efficient.
The full support package forms part of the 2025-2026 Budget so is subject to approval by the States.
The Government has also set up a £10 million Agricultural Loans Fund and introduced the Impact Jersey CX Tech Programme with the aim of improving customer experience in the island.
Speaking about the multi-million pound packages, Deputy Morel said: "Through these schemes, we are helping Jersey businesses to invest in themselves and their employees.
"Jersey suffers from low levels of business investment – less than half of the UK level, which itself is the lowest level of any G7 nation. To achieve our ambition of becoming a high performing, environmentally sustainable and technologically advanced small island economy by 2040, we need to invest in change.
"We’re enabling Jersey businesses to access significant investment, and I’m confident that this will help stimulate the growth and improvement in productivity that we need.”
Murray Norton, Chief Executive of Jersey Chamber of Commerce, said: "Jersey Chamber has worked with the Government during the development of the new Business Support Schemes, include productivity improvement, skills grants, and funding for apprenticeships.
"These grants and incentives will offer some support during the transition to the new minimum wage and give businesses opportunities to enhance productivity. Chamber is pleased to now be working with Government and key stakeholders on the mechanics of the schemes and will be the host for breakfast briefings with the relevant stakeholders.”
Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To Know...