08 May 2015
The Chief Ministers of Jersey and Guernsey have welcomed support from European Parliamentarians and the European Commission for the positive contribution they make to the European economy.
Contribution to EU's economy
Senator Gorst and Deputy Le Tocq met Commissioner Jonathan Hill, who is responsible for financial stability, financial services and capital markets. Lord Hill said “I was glad to meet the Chief Ministers of Jersey and Guernsey and discuss the contribution they want to make to the Capital Markets Union and the importance of good regulatory co-operation.”
Senator Ian Gorst and Deputy Jonathan Le Tocq also met MEPs from the UK, Germany, Ireland, France, Luxembourg, Denmark and Portugal to discuss the contribution that the islands’ finance sector makes to the EU’s economy and the jobs that it supports, both within the EU and in the islands.
Tax transparency
Senator Gorst said “The islands’ economic contribution is increasingly well-understood in Brussels. The meetings we had with the members of the Economic Affairs and Tax Committees, as well as Lord Hill, demonstrate the importance of continuing to engage at the senior level of the European Parliament and the European Commission.
“In our meeting with the Chair of the Tax Committee, Alain Lamassoure MEP, we were able to offer our expertise and input into the work that they are doing over the next few months on tax transparency. Our meetings with Luxembourg and the Netherlands' Permanent Representatives to the EU also mean that we have a growing understanding of the emerging priorities of the next two EU Presidencies, and that they have an understanding of areas where we can offer input.”
Economic growth
Deputy Le Tocq said “The Channel Islands' funds sector is as a conduit for around €200 billion of in inward investment into Europe. That supports growth and jobs across Europe, and course is vital for jobs and economic growth on our islands. We are an important economic partner of the EU, and that is the message that we have been delivering in Brussels - that continued access to European capital markets for the Channel Islands is good for the EU. I was pleased with the growing recognition that the Channel Islands are an important economic partner of the EU.”
The Chief Ministers also met representatives from Scotland, the City of London, Andorra, the Faroe Islands, Gibraltar and the Isle of Man, among others, at a briefing event organised by the Channel Islands Brussels Office.
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