An independent economic assessment of the Jersey Competition Regulatory Authority has found that its competition and regulatory work generated between £22.7 million and £41.6 million in direct financial benefit to Jersey consumers and businesses between 2020 and 2025.
This figure means a return of between £5.60 and £10.20 for every £1 of relevant funding and equates to an estimated annual benefit of between £36 and £66 per Islander.
The assessment, conducted by Frontier Economics using the same methodology applied by the UK Competition and Markets Authority in its own impact reporting, evaluated seven of the JCRA’s activities over the period, representing around five per cent of its total workload. Frontier Economics notes that the total benefits generated by the JCRA are likely to be materially higher once the full breadth of its activities is taken into account.
The findings place the JCRA’s performance in line with its larger UK counterpart, and confirm that effective, independent regulation delivers substantial and measurable value for Jersey.
Tim Ringsdore (pictured), Chief Executive of the JCRA, said: “This report provides independent confirmation of what effective regulation delivers: fairer prices, competitive markets and critical infrastructure that works. Critically, every pound invested in the JCRA returns multiples in benefit to Islanders and to the Jersey economy.
“We are a small team focused on removing barriers to business, making markets work for consumers and helping Government to deliver its economic policies. We prioritise our work to ensure we are delivering value for money and not only does this report show our work is effective, it is also indicative of the expertise and commitment of the team carrying out that work.”
