STATES economist Dr Andy Sloan has given his backing to the I Buy GSY campaign.
The initiative launched on Saturday by the Chamber of Commerce and the Guernsey Press works on the simple message that there is a lot of choice on our doorstep, so if islanders can buy locally, they should do so.
Dr Sloan (pictured) said it was simple economics.
‘Once you’ve ticked the box on quality and price, buying local is a good thing to do for the economy.
‘Spending local keeps our money circulating round our economy and the multiplier effect means that every one of our pounds spent is effectively worth two or three pounds as it goes through more than one pair of hands.
‘The more that pound circulates the better it’s going to be for our GDP.
‘If it is spent somewhere else it’s pretty much guaranteed to benefit another country’s GDP.’
However, that did not mean that competition was a bad thing.
‘Competition is a good thing because it ensures that products are of a good quality and priced competitively.
‘Without it you could have inferior products priced much higher.’
The I Buy GSY campaign also recognises that whether businesses are indigenous local stores or national chains, all of them with a Guernsey presence play a part in providing jobs and wealth for the island.
Speaking about the campaign, Chamber president Paul Luxon said the buy-local concept was more important since the global financial market crash.
‘Every economy has suffered to some degree from reduced economic activity and Guernsey is no different.
‘To date our island has shown strong resilience but it is fair to say we have not been immune to the downturn, and this is one small way to try and kick-start growth to benefit our community.’
Article posted on 19th October, 2009 - 2.30pm
4 Article Comments
The message I got from Saturday’s press comment was that the consumer should ignore cheaper prices elsewhere and pay over the odds on the high street to help benefit Guernsey.
In effect we are being asked to continue to fund indirectly the ridiculously high rents charged by the landlords, the majority of which are not even local.
I think the chamber of commerce should have another go and direct their reqeust for help towards the landlords and not the consumer.
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It’s such a shame that the states does not practice what it preaches
The education department is spending thousands employing off island Architects and engineers for the new schools
Have we not got any of our own?
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It is, perhaps, right that a Guernsey States economist is promoting the already highly developed and successful Guernsey economy but this should not be at the expense of developing economies which also deserve our attention.
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I trust that the Chamber of Commerce and its members will not be booking any conferences, Christmas dinners, Summer balls etc at the St Pierre Park then. This place has just been tarted up using only UK contractors. I don’t think that the locals were even asked to price the work.
Guess they’re just following the States’ lead here though as Castle Cornet and Wheadon House are currently receiving makeovers provided by UK firms too. The local building labourers looking for work must find it a bit hard to swallow as they go in and out of ETW House and see who is working there.
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