Value of business generated by the Assistant Chief Minister for Financial Services (FOI)

​​Request

What is the value of business generated by the Assistant Chief Minister for Financial Services, Digital Jersey etc in terms of forecast tax receipts compared with the cost of obtaining the business travel, London Office, weekly travel etc?

Response

It is not possible to attribute individual pieces of business to one single initiative or efforts from one single Minister. The general growth of the financial sector, as with other business sectors, is down to the collective efforts of industry, government and the regulators.

Part of the Assistant Chief Minister’s role is to act as an enabler to protect and grow Jersey’s established and fledgling industries in a global market place. Much of this work, by its very nature, is best done off Island and the Assistant Chief Minister has been proactive at both political and industry levels in this regard.

In addition, one of the key recommendations set out in the jurisdictional review undertaken by the business and political consultancy firm, McKinsey & Company, was for Jersey’s government to undertake greater external engagement to support the efforts of our financial services industry and to ensure Jersey’s political policy messages concerning the industry are better understood.

It can be necessary for the Assistant Chief Minister to meet with senior managers of firms in other jurisdictions that have offices in Jersey to reassure them of the government’s support for their business. 

With the changed risk profile of many large financial services businesses and their significant concern about reputation, considerable comfort is drawn from a senior Jersey government minister’s support for international initiatives and agendas. 

This is particularly the case in relation to use of international finance centres and in recent decisions on consolidation of global businesses to maintain a footprint here in Jersey. 

This retaining of business is an area in which Jersey has been very successful in recent years and our government’s engagement has been welcomed and encouraged by local financial services firms.

Digital policy is one of our government’s priorities. Technology is enabling a whole new way of working, providing business opportunities for Jersey people, Jersey developers and Jersey firms to serve global markets. 

The Assistant Chief Minister is taking the same approach to promoting and growing this industry as has proved successful in the financial services industry.

Engagement with diplomats and senior politicians is also very important to Jersey’s business relations with foreign countries. The Assistant Chief Minister works closely with the External Relations Minister and his team in this regard. 

One of the benefits of the Assistant Chief Minister’s work in this area was highlighted on the recent Jersey Finance Africa trip where, because of relationships developed on the ground by the Assistant Chief Minister, the British Embassies in South Africa, Kenya and Nigeria hosted events to promote the Island.