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Deputy Sam Mezec
Chair, Corporate Services Scrutiny Panel FAO Andrew Harris , Scrutiny Office
8th August 2022
Dear Deputy Mezec
Ref: Cost of Living Mini Budget Review' P.80/2022
Thank you for your email titled Cost of Living Mini Budget Review' sent on behalf of the Corporate Services Scrutiny Panel and received on the 5th of August 2022. Given our remit to provide support to businesses located in Jersey, our comments will be restricted to potential business impact only.
However, in general, our view is that the proposals are an effective and quick way to ensure that support is given to those directly impacted by cost-of-living rises. We have noted that this support will provide key relief to not only those on lower incomes, but also to the middle earners who may have seen mortgage rates go up repeatedly as the base rate continues to rise.
By providing households with a slightly elevated household income. This in turn creates less pressure to increase wages further, at a time when most business have already implemented those, and additional rises would likely result in the need to further increase the costs of goods in the island, further driving RPI inflation.
Jersey Business offer free financial reviews to local business owners to help them navigate their increased cost base in particular steep rises in the cost of goods, shipping, and wages. We encourage the Business community to contact us so that we can advise on any areas savings may be made in the business assisting them in remaining competitively priced to meet islanders needs as experience difficult financial times for many.
Yours sincerely
Graeme Smith
Chief Executive Officer