As we navigate our way through difficult economic times and deal with continuing uncertainty in the world economy, I would like to recognise the innovative and resilient approach shown by the financial services industry during this phase of the economic cycle. I know the industry has worked hard to adapt.
There will be more change ahead, but I’m optimistic if we work hard to adapt we will continue to sustain our successful industry. Throughout these challenging circumstances, Jersey has remained open for business. We continue to welcome inward investment in financial services and in other high value sectors.
New businesses
The Economic Development Minister has just announced an increase in the number of business licences granted last year. From the 44 new licences, there were 428 job opportunities across a wide range of business sectors, including finance, e-commerce and mining.
We welcome this investment which demonstrates the confidence that others have in our continued success. But in this global environment, we have to work even harder to stay open for business, to protect what we have, and to promote Jersey in growing markets around the world.
We have to adjust to rapidly changing legal and regulatory regimes in the UK and the rest of Europe. The Channel Islands Brussels Office, jointly funded with Guernsey, has proved to be an invaluable asset in protecting our interests in Brussels. We will now be opening a London office, which will help to protect our interests in the UK.
Promoting Jersey
I am pleased that the States agreed to an increase in funding for Jersey Finance as part of the Medium Term Financial Plan, which will help Jersey Finance to be even more active in supporting members to promote Jersey overseas.
Jersey has, by tradition, always developed trading links around the globe and this has expanded with our growth into a world class international finance centre. While western European economies may be flat, other regions of the world continue to create new wealth in the Middle East, Asia and Africa.
As an international Island, our continued success depends upon looking not just inwards to sustain the kind of community that we all want to live in, but also upon looking outwards to the opportunities for growth.
Competition
We must compete in order to succeed. Increasingly the real competition is not from Guernsey or the Isle of Man, it’s from more distant and ambitious international finance centres in places like Asia. If we are to compete successfully in these distant markets then we must be stronger. That’s why I’m pressing for the Channel Islands to go further and faster in their collaboration.
We can continue to win, but to do so, we must combine. Our competitors are not standing still and neither can we.
Open for business
I am confident that we will continue to thrive as a world class finance centre, but to do so:
- we must remain open for business
- we must continue to invest in protecting and promoting our interests in the UK, Europe and the growing economies around the globe
- we must become stronger through pressing ahead together
- we must focus not just inwards on our precious Island community but also firmly out towards distant and growing markets
Our financial services industry has proved innovative and resilient in meeting the challenges of recent years. I’m grateful for all the good work that Jersey Finance undertakes to ensure that we continue to thrive as a truly global finance centre.
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