07 March 2011
Your Excellency and Mrs Ridgway, Honoured Guests, Ladies and Gentlemen. A very warm welcome to this evening's Jersey Enterprise Awards.
Tonight we celebrate the talent, innovation and success of local entrepreneurs and businesses, many of whom, in spite of difficult trading conditions, have continued to find ways to flourish. Every entrant, every short-listed company and every winner deserves to be congratulated.
Record entries
This year we have attracted a record level of quality entries from a wide range of different industries. This shows that despite what some may say, our economy is not just based on one sector.
But let me mention that sector, the main contributor to our economic success remains financial services. We should all be proud of the success of our financial services industry and the considerable benefits that it provides to our whole community.
Diversification
As we strive to deliver even greater 'economic diversification', make no mistake - our number one priority will be the continued market and product diversification of our financial services sector.
A major contributor to the success of promoting the finance industry has been Jersey Finance. They are a shining example of a highly successful private / public partnership. We make a significant grant to them, but it represents an excellent investment. Investment in an organisation at the top of its game, delivering incredible value as they help to promote Jersey plc.
We will also maintain our support, and drive productivity improvements, for tourism and agriculture, construction and retail and all the existing businesses in the Island.
Stable government
But all this activity would be undermined without stable government. Stability and certainty have been at the heart of Jersey’s economic success for generations. They are especially important for our continued good reputation as one of the world’s leading international finance centres.
Yet despite the challenges we have faced externally, some have chosen to attack us from within. A minority of uninformed people have tried to damage our reputation, challenge our economic model, and risk the future prosperity of all Islanders.
But the Council of Ministers, led by the Chief Minister and the Treasury Minister, have acted swiftly and decisively to secure Jersey’s competitiveness and tax neutrality, with 0/10 at its core.
This stable platform must be complemented by sound public finances, reduced public sector spending and a fair and internationally competitive tax regime. The solution must not simply be about increasing taxation.
Reducing spending
Greater emphasis must be placed on reducing public sector spending while protecting key services and on a return to sustainable economic growth. Reducing public spending is challenging and it requires the public sector to change the way it works, to instigate wholesale structural reform and to change the culture of a very traditional organisation.
To be frank, change is not something that comes easily.
In the 1970s, the former Saudi oil minister Sheik Yamani coined the phrase “The stone age didn’t end because we ran out of stones". And he was right, the Stone Age ended because our ancestors discovered a better, more efficient way to move forward.
We need to challenge traditional thinking, we need to innovate, we need to drive change.
Reform of Economic Development
In the coming months you will see from Economic Development:
- a new economic growth strategy
- a new tourism strategy
- a new way of delivering support to businesses
This will lead to probably the most radical reform of the activities of any States department. It will reflect a changed approach because we believe that government should do less so that you can do more. We believe government can deliver fewer services by transferring or partnering with the private sector. We believe change is necessary across the whole public sector and that the Comprehensive Spending Review should be seen as the start, not the end, of that process.
We must protect spending that supports economic growth and we must be prepared to reform our structure to focus scarce funds to the point of most need and most opportunity.
During the course of 2011 we will be moving away from direct delivery and looking at ways to deliver more services outside the public sector.
Private sector
Let me now turn to you, the private sector. You are the wealth creators, the employers and, yes, the taxpayers. What would I like to see? I want to see you continue to innovate, continue to diversify your products and markets, and continue to grow.
Let me give you a few examples:
- I want to see Jersey as an international e-commerce hub. After meeting entrepreneur Dan Wagner today at the launch of e-jersey, an exciting e-commerce business launch, I’m certain that can happen
- I want to see Emma Carlton’s sticky toffee pudding in every Waitrose in the UK
- I want to see Shaun Rankin’s treacle tart in every Co-Op in the UK
- I want to see Jersey yoghurt not Muller yoghurt on supermarket shelves in Jersey
- I want to see Jersey cream from Jersey cows which graze in Jersey fields, on the shelves of Marks and Spencer, Waitrose and Tesco
- I want to see food served from Jersey Pottery’s crockery in Michelin Star restaurants across Europe
- I want to see 3 star Michelin restaurants in Jersey
- I want to see Mark Jordan and Shaun Rankin become the new Gordon Ramsay and Heston Blumenthal
Skills and training
I also want to see more businesses get behind our vital skills and training agenda by offering more placements to young people. Rising unemployment, especially in young people, has to be tackled in many ways, but it’s not just a government problem, it’s our collective problem. It's a problem that should concern everyone, particularly the business leaders here this evening.
I’d like to thank the 270 businesses who are registered to take placements, but there are thousands of businesses in Jersey, so tonight I’m asking you for your help to get our young people on the road to work.
Finally I want to see business, especially big business, get behind more of our community events. Co-invest with us and get behind the International Air Display, get behind the Battle of Flowers, build on your support for Branchage and the Boat Show.
Think big
And why not take some risk with new events? Why can’t Jersey emulate and beat events like the Hay Literary Festival?
This festival started as a way of selling second hand books in the back water of rural Wales. 10 years later it’s sponsored by the Guardian, attracts tens of thousands of people and has the likes of Bill Clinton as a key note speaker.
The sceptics will say these are pipe dreams and will no doubt ask me – how? My answer – don’t ask me how, show me how. Tell me how government can work with you. Tell me how government can help your business deliver success.
By working together we can build an even brighter future. This is not the kind of place that hangs around in the stone age. Because ladies and gentlemen, this is Jersey. We have a long, proud history of producing entrepreneurs who make things happen.
We have a long proud history of innovation. Our history clearly shows that when the going gets tough, then Jersey gets going. We’ve done it before, we’re doing it now and we’re going to do it even better in the future.
Thank you.
Ladies and gentleman, I didn’t want to leave the stage, before raising one more important matter.
This will be the last time we see the Lieutenant Governor and Mrs Ridgway at this event.
Sir, as this is the last occasion on which you will be our guest, I would like to thank you and Mrs Ridgway for the considerable work you have done for the Island and Islanders over the last 5 years.
You will both be greatly missed and I know that everyone here wishes you continued happiness and success when you leave our shores this summer.
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