JERSEY businesses are now facing ‘a collective threat’ from the deepening global financial crisis, says Economic Development’s chief executive, Mike King.
Speaking at the launch of the Jersey Enterprise Awards yesterday, Mr King said that the era of ‘cheap money, cheap fuel and cheap food’ was over. He said that in the UK full employment and low interest rates were a thing of the past and that would have a knock-on effect on the amount of investment coming to Jersey.
‘It is a phenomenal challenge for us,’ said Mr King. But he said that based on his previous experience in the oil industry and at the Welsh Development Agency he believed the Island’s entrepreneurs were more than up to the challenge. ‘I have never seen such a level of enterprise, business acumen and diversity of endeavour. Jersey has a long history of reinvention and dealing with significant challenges,’ he said.
Chief Minister Frank Walker urged businesses to get their award entries in as soon as possible. ‘Just to look at the faces of the people who won awards last year was an uplifting experience,’ he said. ‘Just being nominated raises a company’s profile and self-esteem.
• Picture: Connex Transport were last year’s winners of the Large Business Award and Business of the Year Award. Picture by Gary Grimshaw
Article posted on 2nd October, 2008 - 3.00pm
2 Article Comments
can someone please tell me where he has been getting his cheap fuel and cheap food? and I love the idea that the Finance industry has a long history of reinvention - never heard it called that before but it fits if what’s being re-invented is the honesty, integrity, ethics and humane principles that should lie at the core of good business.
It actually says “Jersey has a history of reinvention” and indeed it does! From sweaters, apples, potatoes, DVd’s hosted services etc. etc.
Food has been far too cheap for too long. Broccoli cost more in 1975 than it does today and we are paying the price now with tainted chinese milk, and many other problems buy not buying fresh and locally. I suspect our children’s generation will pay for the quality of food with long term haelth problems!
Local farmers would have had a far better chance of business success if the cost of food had risen with inflation.
A £2 chicken is definitely cheap and was available locally until recently. Plumped with water, saccharin and salt I would much rather have paid three times as much and eked it out over several meals.
I think the comments posted and attributed to Mr. King are right and we ain’t seen nothing yet!!