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Finally, Ministers will work tirelessly to implement the Strategic Plan priorities on economic growth and productivity so we can develop skills, encourage innovation, increase enterprise and raise inward investment.


know that the period of very low inflation we havei seen since 2008 is likely to come to an end, especially following the UK’s referendum on leaving the EU. It has already picked up in Jersey from 1.5% in June to 2.0% in September, in line with expectations and reflecting trends in fuel costs and the rise in global oil prices. However, prices for both food and fuel are lower than a year ago. While headline inflation is at its highest level since 2012 and slightly higher than the equivalent measure in the UK, it remains low by historical standards.


We know that the per od of very low inflation we have


The relatively benign levels of inflation in recent years have been good for maintaining business competitiveness. It is critical that if inflation is expected to increase over the next two years, we do everything in our power to limit that increase, protecting islanders where we can and maintaining our competitiveness.


While we do not set our own interest rates there are three areas we can focus on in trying to control inflation. We should take the advice of our independent economic experts, the Fiscal Policy Panel, to stimulate the economy in the short term and balance the budget at the right time. I will continue my work to make markets work for consumers, strengthening our competition framework and implementing the 23 recommendations from the Oxera review.


Page 24 An Ageing Island


Overall, our economy was performing strongly in the run up to the UK referendum. Brexit will provide opportunities for Jersey, but it does mean we are operating in an uncertain world. And uncertainty is not conducive to investment and economic growth. However, the challenges remain the same for Jersey and we must focus on the factors we can control. We must balance the books at the right time, support the economy where appropriate and encourage businesses to invest and raise productivity.


Delivering the savings set out in the MTFP Addition remains critical in achieving this delicate balance. Our society may be ageing, but we cannot let factors outside the island's control knock us off course or distract us from these priorities.


We have reviewed the way we plan for the future. We are introducing a new approach to long term planning that focuses on outcomes and the practical impact of our policies on things like living longer, healthier lives and finding good jobs that sustain islanders throughout their working lives.


It’s the impact of our policies that matter, not how services are delivered or how many different programmes have been introduced to improve people’s lives. The proof in the pudding is what counts.


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