Latest Jersey credit rating welcomed

The government has welcomed the latest credit rating for Jersey remaining at AA-, with a stable outlook.

This was given by Standard and Poor Global (S&P), an independent international credit rating agency which checks the financial reliability of countries and companies.

In its latest review, S&P confirmed there was no change to its long and short term sovereign credit rating for Jersey.

Treasury minister deputy Elaine Millar said, while the island's finances remained strong, it was important not to take the position for granted and the government needed to shift to a longer-term approach for financial decision making.

Millar said S&P had "recognised the good position that our previous financial decisions have put us in, with robust reserves and comparatively low borrowing".

She said the government had started to curb the growth in day-to-day expenditure and "remained absolutely committed to reducing spend" to enable investment in Jersey's infrastructure and strengthen reserves.

A recent poll taken by the Institute of Directors Jersey showed business leaders felt confident about their own futures but unsure about the island's wider economy.

The poll carried out between 20 November and 11 December suggested 17% felt optimistic about Jersey's economy, while 63% expected things to get worse.

Firms said the biggest issues holding them back were what they described as weak economic conditions, the rising cost of labour, the difficulty of finding skilled staff and red tape.

Follow BBC Jersey on X and Facebook. Send your story ideas to channel.islands@bbc.co.uk.