Speech by the Chief Minister to the Jersey Chamber of Commerce

13 February 2026

Good afternoon everyone. Thank you, Lee, Murray, and everyone at Chamber for the invitation. It is always good to be here.

Because if you really want to understand how Jersey is performing, you do not start in a government office. You start here. With the people who take risks. Who create jobs.

Who invest their own mone y. And who feel the impact of every government decision.

So conversations like this really do matter.

As we approach the end of this term, I would like to provide some reflections of the last 2 years in government, but first, I would like to talk to you about four important subjects:

• The Cost of Living
• The Public Sector
• The Competitiveness of the Economy and
• Investing in Jersey - our new, co-ordinated plan for renewing the Island's infrastructure and public assets

The cost of living is one of the biggest concerns for families and for employers across Jersey. When prices rise, households feel it first, and businesses feel it straight after through wage pressure, recruitment challenges and weaker spending.

So, this is not just a social issue. It is an economic one.

Inflation here, measured by RPI, is currently 2.8 percent. But we cannot be complacent. Islanders still feel the squeeze every week at the checkout and in their housing costs.

We also have to be realistic about what we can and cannot control. Jersey does not set its own interest rates or monetary policy.

And many of the pressures we face are imported. Food, fuel and shipping costs are driven by global markets and geopolitical uncertainty, from conflict overseas to disrupted supply chains.

When those prices rise, they reach our shelves quickly. We cannot switch those forces off, so we have to focus on the levers we do control. That is why our response is practical and long term.

We increase the supply of homes, release land, speed up planning and invest in the infrastructure that unlocks development.



We keep government fees, duties and charges as low as possible, reduce healthcare costs and expand childcare so more parents can work.
And we keep public spending disciplined, because stable finances keep prices steadier too.
In simple terms: more homes, lower everyday costs, better jobs and a government that lives within its means.

That is what we have started to do and that is how we will continue to bear down on the cost of living in a way that lasts.

Turning to the Public Sector

Since 2018, Jersey's public service has grown faster than it should have. Some of that was unavoidable. We faced a pandemic, rising demand on health and care services, and new regulatory responsibilities.

But alongside those pressures, layers of administration and new bodies were added without enough restraint.

The workforce grew by around a third, adding hundreds of posts and tens of millions of pounds in recurring costs.

Over time, government became larger, more complex and more expensive than a small island economy should sustainably support.

And when the public sector grows faster than the private sector, the cost ultimately falls on taxpayers and businesses.

So we have begun to change course.

We introduced and extended a recruitment freeze, preventing around 500 additional posts and more than £30 million a year in extra spending.

We have reviewed budgets line by line, begun to simplify structures and tightened controls on external consultants, bringing more capability back in house.

We have also held a number of States Members workshops to agree a clear direction.

And we have agreed Government cannot grow faster than the economy that funds it.

And we have agreed the solution is balance, reorganising to reduce costs and regulation and growing the economy to increase income.

A leaner, more focused public service costs less, moves faster and frees up resources for investment and growth.

Government should enable the economy, not absorb it and that is the course we are setting.

The Economy

A strong and resilient economy is the foundation for everything else we want to achieve. Good public services, affordable living and long term investment all depend on growth in the real economy.

Financial services remain a central pillar, supporting around 14,000 jobs directly and contributing roughly £600 million a year in tax revenue.

But we cannot rely on any single sector alone. A resilient island economy has to be broader than that. Tourism, hospitality, retail, construction, agriculture, digital and professional services and many more sectors all play their part.

Together, they employ thousands more Islanders and keep money circulating locally.

Our aim in government is clear: create the conditions where every sector can grow and invest with certainty and confidence.

And confidence is starting to return. The latest Business Tendency Survey shows that overall activity has stabilised, with firms reporting a neutral current position and moderately positive expectations for the months ahead.

In other words, businesses are beginning to plan, hire and invest again.

Costs and skills shortages remain pressures, but the direction of travel is improving. That matters, because confidence drives decisions, and decisions drive growth.

That is why we are progressing the Financial Services Competitiveness Programme, led by Deputy Gorst, working closely with Jersey Finance and industry partners to ensure Jersey remains trusted, well-regulated and attractive to investors.

But the same principles apply across the whole economy: simpler regulation, faster decisions, better skills and training, strong air and sea links, and disciplined public finances that keep our taxes stable.



In today's world, stability and confidence are not just nice to have, they are real competitive advantages.

When markets are uncertain and global risks are rising, businesses look for places that are predictable, well run, and steady.

They want to know that taxes will not suddenly spike, that regulation will be proportionate, and that government will make calm, sensible decisions.

That is where Jersey stands out.

Our sound public finances, disciplined budgeting and consistent approach give investors and employers the certainty they need to plan for the long term.

As I said before, when businesses have confidence, they invest, they hire and they grow.

In an uncertain world, stability is one of Jersey's greatest strengths.

I am pleased to report that Jersey's public finances remain on a stable footing at what is an important point for the Island. While we face long term pressures and difficult choices ahead, our overall position remains strong.

This has been reflected independently by S&P Global Ratings, which recently reaffirmed Jersey's AA minus credit rating with a stable outlook.

That rating recognises our prudent financial management, low levels of debt and substantial reserves.

At a time when many jurisdictions are under strain, maintaining that standing provides assurance that Jersey remains financially responsible, well governed and a reliable place to invest.

And given the importance of a competitive and growing International Finance Centre, I have asked the Minister for External Relations and Financial Services, Deputy Gorst, and the Jersey Development Company to bring forward plans to build the final IFC building this year. It is essential we send a clear message about our intent on growth.

Investing in Jersey - Our long-term capital plan

The Investing in Jersey programme is our long-term plan to put right years of underinvestment and focus on the infrastructure that genuinely supports growth and quality of life across the Island.

It sets out clear priorities, realistic timescales and affordable funding so that projects are delivered rather than discussed for years and delayed.

The first phase concentrates on four practical areas:

• modern healthcare facilities, led by Deputy Binet, through the new hospital at Overdale
• the regeneration of Fort Regent as a year-round leisure and community destination - something our young islanders are particularly excited about
• improvements to St Helier and our public realm to support town centre businesses and visitors
• and the infrastructure and serviced sites needed to unlock more affordable and family housing

These are not prestige projects. These are the foundations that make it easier for people to live here, for businesses to operate efficiently and for the economy to grow.

Crucially, the programme is backed by the Jersey Capital Investment Fund, a ring-fenced funding mechanism that separates long term investment from day to day spending.

That discipline means capital money cannot simply be absorbed into routine budgets, and projects can be planned with certainty over many years.

It allows us to invest at a steady, sustainable pace without undermining the public finances.

In simple terms, it brings the same financial discipline you would expect in any well-run business: plan ahead, set priorities, and pay for essential assets responsibly.

That approach gives Islanders confidence that we are not only building for today, but putting in place the infrastructure and public realm Jersey can rely on for decades to come.

When I was asked to speak here by Murray, he asked if I could reflect on the past two years in office.

Over the past two years, our priority has been to provide stability, consistency and delivery at a time when the Island faced political uncertainty, fiscal pressure and growing global challenges.

When this government took office, we inherited a fragmented position. Our first task was to steady the ship, restore confidence in our decision making and refocus government on practical outcomes for Islanders.

I believe we have made a solid start and measurable progress.

We have stabilised public finances through a balanced and disciplined approach, curbing the growth in expenditure while protecting frontline services.

We have begun a comprehensive review of public spending, with a clear emphasis on productivity, efficiency and better value for money rather than austerity.

We have also shifted the focus of government towards longer term planning. The launch of the Investing in Jersey and the creation of a ring-fenced capital investment framework will, for the first time, provide a structured and sustainable approach to funding major infrastructure and public realm.

This gives future governments greater certainty and avoids the short termism that has historically delayed essential projects.

Alongside this, we have taken practical steps to address the issues that matter most to Islanders. These include:

• Extending nursery and childcare provision
• We've completed the rollout of nutritious school meals for every primary school child
• Increased lifelong learning and skills development
• Started building the new hospital at Overdale
• Reduced GP fees
• Implemented the Violence Against Women and Girls Taskforce recommendations
• Started the transition to a living wage
• Increased the supply of affordable homes and strengthened the rental sector
• We've kept Government fees, duties and charges as low as possible
• Supported business growth and strengthen Jersey's international reputation
• Begun to revitalise the St Helier town centre
• Started to get rid of the red tape that plagues our processes.

We have also worked to strengthen resilience and preparedness, whether through energy security, supply chain planning, transport connectivity or emergency planning arrangements, recognising that Jersey must and be ready for an increasingly uncertain global environment.

Importantly, we have done all this collaboratively.

This Council of Ministers represents a broad church of political views, yet we have worked collegiately and constructively, always putting the Island's interests ahead of individual and party politics.

That spirit of cooperation has enabled steady delivery across departments and a more stable operating environment for the public service.

There will always be more to do, and we will always need to do more.

We have to double down on curbing that growth and keep improving the way we work.

But we will leave office with firmer foundations: more stable finances, clearer long-term planning, greater resilience, and reforms already in train that will support sustainable public services for many years to come.

So, in summing up, it has been an absolute honour to serve as Chief Minister.

And I would like to thank all Ministers and the Assistant Ministers for their dedication and hard work.

I'd like to thank all States Members for their support, scrutiny and their participation in planning for the future.

And I would like to thank my colleagues in the public service for their support and professionalism, without which this government could not do its work.

We will not always agree, and nor should we, but we have shown that disagreement does not have to be disagreeable.

When we work with respect, professionalism, and a shared purpose, we always serve the Island better.

And finally, for all our rights and our wrongs, for the successes and the setbacks, through good times and difficult ones, Jersey remains an extraordinary place to live and work.

It is safe, clean, and stable. It is confident without being complacent. We are hardworking, straight talking, and (generally) fair with one another.

We live surrounded by the sea, beautiful beaches and countryside, and enjoy a quality of life that many larger places simply cannot offer.

For me, that feeling is captured perfectly in the words of T. S. Eliot, "at the still point of the turning world".

In a fast moving and uncertain world, Jersey can be that still point, steady, secure and well-grounded.

Where we can feel safe in the knowledge, that stability, and confidence, are our greatest strengths.

And that is why I remain confident about Jersey's future.

Thank you.

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