What does economic success look like in the eyes of the public? Is growth in Gross Value Added (GVA) enough? And will a wider definition of good growth help with policy and investment choices?
The public view of economic health is nuanced, influenced by many factors and as much by history as current events.
We know from our ongoing research, that the public wants growth that is financially, socially and environmentally sustainable – good growth – with a particular priority for jobs, income and health, all of which are fundamental to a return to rising living standards. The Demos-PwC Good Growth Index compares 12 indicators across 37 cities in the UK annually. Here in the Channel Islands, we have used publically-available data to benchmark Jersey against these cities.
We found Jersey compares very positively to other, mostly much larger, cities and travel-to-work areas in the UK, coming just outside the top 10. This highlights the continued overall benefits and attractiveness of living and working in Jersey. The same can be said of Guernsey.
However, there is also room for improvement. The challenge is to develop and tell Jersey’s and Guernsey’s future stories, as places of which residents can be proud and offer the prospect of future success. Now is the time to re-define success and, as we discuss in our publication, act to unlock the growth potential of business.