1

Mogit

Hey that’s really great news!! I only have to compete with roughly 869 people for a job, sorry don’t think i’ll bother!!

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3

Thicko Micko

Redundancies are slowing down because everyone has been sacked ( sorry made redundant )

It’s not over yet though, the banks have a few more families to terrorise before they are finished.

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5

Pip Clement

‘Did he miss all the postmen/women whose contracts are not being renewed by Jersey Post?

Incidentally this means delivery routes are being combined and mail is being delivered later and later if you are at the end of the route?’

More changes on the way I have heard.
Unless you are living in town and paying for the business service you are likely to end up with something like that received on a remote Scottish island eg post a few times a week.
Maybe we will eventually end up with a Victorian country style service in the rural parishes, unless you pay for a private delivery you will have to collect from the post office during working hours!
But less letters are been sent and lucrative parts of the business are been creamed off by private firms so what do you expect?
Quite a bit of finance work could be done cheaper in India, you get five of them for the cost of one Jersey banker.
Outsource the work and just keep the servers, the company registration etc in Jersey. It would offer big savings and the chance to seriously rebuild their capital bases.

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7

Peter Anthony Troy

As with the world wide economic recession the Jersey redundancy situation is not getting better; it is now not getting worse as quickly.

It needs to be understood that an improved job market in Jersey lies not with the corporate finance industry – for they are the long term problem not the solution.

The problem is that the strategic decisions of most Jersey’s finance industry are made hundreds or in some cases thousands of miles away. The corporate giants are responding to a rapidly and dramatically changing economic world, the good times of high employment numbers in the finance both in Jersey and globally are gone.

By any analysis it is clear that the future of local employment growth lies outside the Jersey corporate finance industry; whilst I appreciate that to criticise the finance industry in Jersey is in many quarters is akin to criticising a sacred cow in India, the simple facts are that like the City of London Jersey is rapidly becoming a un-attractive financial centre in a post-credit crunch world.

Most of the Banks and Finance Houses in Jersey are spinning the statistics to the contry the essential truth is that they are operating in a declining market: Any independent source confirms this.

The reason for this decline is equally simple – over regulation and the promise of a huge tranch of regulation from the EU over the next 3 years. This year alone over £15 bn. of Hedge Fund capital (source FT on line) has moved from the City to Switzerland where the authorities have not been so keen to scare off their customers.

In order to create sustainable well paid jobs in the Island the authorities need to step up support for small and medium businesses, particularly high growth industries such as tourism, the arts and IT. This has proved to be the case in the UK over the past two decades, true innovation, employment growth and economic prosperity comes from firms that employ less than 20 people (source fsb.org.uk)

So whilst the corporate world is making redundancies the small businesses of Jersey will, with meaningful help, provide economic growth. It would be helpful of course if growing entrepreneurs were not over regulated in the meantime.

Politicians should consider that extra employment laws are manageable, affordable and absorbable for large firms with HR departments; for employers of small numbers of people employment regulations are often a serious barrier to business and job growth.

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