Multimillion-pound business plans unveiled

The Government of Jersey has announced a series of measures aimed at helping businesses

More than £30m will be invested as part of plans to help boost businesses in Jersey, it has been announced.

The Government of Jersey has unveiled three schemes including a "Better Business Support Package" worth £20m to help companies improve productivity and adjust to minimum wage changes.

It added the Agricultural Loans Fund has been reopened with £10m to support farmers and agricultural firms while the Impact Jersey CX Tech Programme would offer up to £500,000 in match funding to improve customer experiences.

Industry leaders in the island have praised the planned investment as "essential" help.

Sustainable Economic Development Minister Deputy Kirsten Morel said the investment aimed to stimulate growth.

He said: "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."

'Fostering growth'

The government said the Better Business Support Package, which is subject to States Assembly approval as part of the budget, would have a series of measures to help improve productivity.

It added the package also aimed to assist firms adjust to the minimum wage being raised to £13 per hour from 1 April 2025 before being set as two thirds of the 2024 median wage the following year.

Business leaders welcomed the funding plans, with Jersey Hospitality Association co-chief executive Marcus Calvani saying it would "play a crucial role in fostering growth".

Mr Calvani added: "This targeted and substantial financial support is essential for our industry, especially as we navigate both the implementation of a new minimum wage and broader economic challenges."

'Positive impact'

The return of the Agricultural Loans Scheme, which has not been in use since 2003, has also been welcomed by industry leaders.

Douglas Richardson, Jersey Farmers’ Union president, said: "These measures ensure we will continue to maintain a viable and sustainable farming sector as a vital part of island life."

The CXTech Programme is aimed at developing and deploying tech-driven solutions to improve customer experiences in Jersey’s retail, tourism, hospitality, and logistics sectors, the government said.

Digital Jersey chief executive Tony Moretta added the programme had been designed to make a "positive impact" for visitors and the retail sectors.