Ministers, States members, ladies and gentlemen
A warm fellow welcome to you all – a great turnout and yes after 19 years and a four year break – hopefully with a determined bang – its great to be back with the Deputy Moore led government
I’m delighted to be here my Deputy Gorst at the first annual financial services event as Hannah said the election our new Government.
You just heard the Chief Minister described the Council’s new vision for Jersey
A confident new plan for government, which was overwhelmingly approved by mew the States Assembly
We as a place where everyone can thrive.
Underpinning that is the need for a strong, prosperous and sustainable economy.
The engine of our economy is – of course – is of course what I describe is our services or trade-in-services based industry.
This unbelievably successful part of the economy is intertwined in the daily lives of all islanders, it underpins Jersey’s prosperity.
That’s why its included in the Ministerial Priorities of the Treasury Minister Deputy Gorst, the Chief Minister and my own.
One of the key Chief Minister’s Ministerial priorities is to build strong partnerships across the whole of government,
- the public sector
- private sector
- the third sector
- our promotional bodies
- and of course our Regulators
Today’s event we hope is a real evidence of those already and what we intend are strengthening relationships we already have with the professional services sector will continue to be developed.
Our vision and priorities today the professional services industry remain the same as those shared with you last December by Deputy Gorst in the Financial Services Policy Framework.
Together we want to work with you the industry to:
- Maintain and develop those four important pillars on which the finance industry is based
- funds
-
private wealth
-
banking
-
capital markets
-
to harness the many opportunities in all these
-
And what is possible to be turbo-charged by never ending move to digitalisation and of course the future of Fintech
These priorities were built through engagement with you.
They were the things you felt mattered the most
Those were the priorities you the industry could deliver the best and most resilient growth for the industry, its people and of course ultimately our Island.
That’s how we will thrive
Of course government wherever it is – it not great at picking winners
Its you the industry itself that drives the growth and your own development
You create with Jersey Finance the opportunities
You need a Government will help you to seize – to bank if you like - to make it happen
You need decisive government and you have that
Action not words and committed -
In helping delivering these priorities, as the late great Colin Powell was known to say, “experience shows” how important it is Jersey plays on the international stage.
And that’s focus as External Relations Minister
That’s why we have been working, and updated and published last week the updated Common External Relations Policy for the Government since Brexit
I, the Chief Minister, Deputy Gorst are plugged into political networks across the UK, France, Europe, the USA, Middle East and Asia further and we hope External Relations now better understands how to engage and work tirelessly on those
Our efforts are working – yesterday – not something relevant for Finance – but we got Ports reopened at the right times for our fishermen -
We believe that it’s vital for Jersey to consistently demonstrate to the global what we do community
To do this we need to work on how we can best leverage our political relationships and maintain our close partnerships.
Those of you who know me, and Deputy Gorst, will know that we are committed to flying the flag for Jersey abroad and supporting industry’s expansion of its markets and global network.
We will do this with Jersey Finance and the industry.
We have an exciting year ahead, building on:
- the recent launch of the JFL Singapore office,
- the US Roadshow, and
- our trip to the annual World Bank and IMF conference.
The signs are encouraging.
The sector is busy.
We are seeing strong flows from the Gulf and our relationship is now closer than ever with our recent BIT with the UAE.
There are also fantastic fresh opportunities for Jersey though harnessing the power of fintech
As I’m sure we will talk later how important it is to meet international standards.
Sometimes being a fast follower – sometimes being an innovator – just as we have proven over decades with our Beneficial Ownership Register
And we need to proud of what we have achieved
Politically we will represent that we have shaken off that old image of an IFC
And as I like to say – we are not the problem but part of the solution – a part that is proudly bigger than you would find for a community of 107,000 people
We also must show that we will act and protect against improper behaviours.
Our response to the Russian invasion of Ukraine has been comprehensive and it should be
You, our finance sector been been key to this.
And I want to thank you for your efforts – it is hard and difficult but its necesssater
The constant and never ending fight against financial crime is absolutely critical to our reputation
And of course the world faces the immense challenge of climate change.
Jersey’s commitment to net zero at home is key to our own future economic sustainability
Doing that well here – which is key government priority is our licence to operate as an international finance centre with a strong and growing Green finance set of products and services
As your government we believe it is important we do more
Sustainable or green finance is our Island’s future.
One fifth of all investment funds in the world are predicted to be invested in some form of sustainable finance in the next 5 years.
The banking sector is rapidly de-carbonising its asset portfolio, green and sustainable bonds are multiplying, and the next generation of private wealth are shifting their wealth to green and sustainable finance.
It is the right thing to do but it is also the prudent thing to do.
Trillions will be needed for the transition and Jersey can play its part if we commit wholeheartedly.
We have made good progress thanks to you, our industry, and Jersey Finance with the work done by the Jersey for Good Campaign.
The bedrock for building our sustainable finance platform is in place. We now need to keep our momentum.
Government is ready to do its part.
Next Spring we will be publishing our consultation on Jersey’s strategy and roadmap for the whole agenda for sustainable finance.
And we will be launching a programme of what we call climate diplomacy.
And, as Government, we will be looking at Fintech and developing a strategy for digital assets.
We are already ensuring that virtual asset service providers meet new international standards
New legislation will be followed will follow to ensure there is a platform for innovation and growth
All of which aligns with as ever those international standards and regulations.
This morning, we will discuss how Government can support the industry – and how we will continue to meet geopolitical and macro-economic challenges – in what we see is a turbulent world
We are a granite rock of stability – if anywhere can sustain itself in this world of chance we can and we will
I am pleased to handover to great colleague our Treasury Minister Deputy Gorst for his remarks
Ian over to you
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