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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 30th NOVEMBER 2010
Question
Does the Minister propose bringing in any additional economic data gathering measures such as the level of lending by banks and other finance providers within the Island (breaking the data down in mortgage lending, hire purchase, loans to small and medium enterprises and so on) and, if so, what data sets are under consideration and when will they be introduced and, if not, why not?
Does the Minister consider up to date and comprehensive data important for policy formation and measuring the state of the Jersey economy?
Answer
There are no plans to collect additional economic data at this point, although this will remain under review. The Minister takes the advice of the Head Statistician and the States Economic Adviser as to what economic data it is practical, affordable and useful for the States of Jersey to compile. For example, the recent introduction of the Business Tendency Survey and the Retail Sales Inquiry and the expansion of the Survey of Financial Institutions have taken place because these initiatives will provide additional economic data that is frequent, informative and deliverable within existing resources.
In addition to compiling such economic data, the States of Jersey Statistics Unit gathers household-level information through the Household Income and Spending Survey and the Jersey Annual Social Survey. These surveys, and the upcoming 2011 Jersey Census, also constitute extremely rich sources of information for future planning and policy development purposes.
Of course the Minister considers up to date and comprehensive data important. However, it is also important to recognise that as a small island economy there are limits on the quantity and frequency of data that it is both practical and cost effective to produce.
Information on registered borrowing is available through the Royal Court.