We are similar…
By 2025, the report outlines a vision for the UK’s finance industry, which will see:
1) An industry transformed to be highly digitised, innovative and customer-centric. It will be a leader in cyber security, using data in a secure and sophisticated way. This will be alongside new technologies, to drive forward significant improvements in the way services are delivered. Firms will be consistently and relentlessly doing what is right for their customers.
2) London will still be one of the most important and attractive international centres for financial services and global business, retaining the full ecosystem of financial and related professional services. It will continue to play an important domestic role and be a leading FinTech centre that keeps the UK at the forefront of financial innovation.
3) Regional and national financial centres will have become more important within the UK industry. There must be a strong supply of local talent with the relevant skills, competitive costs and high productivity. Banking, insurance and asset management centres outside of London will continue to develop, hosting more headquarters of major companies. While other regional and national hubs will focus on enhancing specialist roles which serve both UK and global markets.
Like the UK, we are dealing with new technologies transforming the way we live and are witnessing demographic trends changing the shape of our community. Our finance industry faces the same task of continually adapting and evolving to remain relevant. Our industry, although smaller, also plays a beneficial role facilitating islanders’ everyday lives and providing services that help keep the economy working. It employs almost a quarter of the island’s workforce and contributes the most to tax revenue.
We share the same goals with the UK regarding competition, innovation, fintech and developing and retaining a talented workforce, but there are other challenges we face in securing Jersey’s future.
… but different.
We are small in comparison to the UK and have many other matters which are particular to Jersey to address. The Government of Jersey has embarked on a 12-week public consultation on a discussion document called ‘Future Jersey’ which looks at certain aspects of island life based on feedback from the Jersey population. Areas explored include our ageing society, attracting and developing a skilled workforce, immigration, housing, health, education and the environment.
One of the key areas explored in the CityUK report is the challenges facing the UK’s position on Brexit and its future relationship with the EU. For Jersey, this is less of a concern. Given the UK is our closest and most significant trading partner, there will undoubtedly be implications in terms of both risks and opportunities for Jersey’s finance industry and our Strategic Review is looking at these areas (as well as our digital proposition). However, Jersey is a British Crown Dependency and its constitutional relationship with the UK remains unchanged. For financial services, it has access to the EU market through its own bilateral agreements which are independent from the UK's relationship to the EU.
There are interesting times ahead for both the UK and Jersey. Clear strategic visions will help both jurisdictions to reach their full potential and while there will naturally be some different priorities in each area, we recognise the many shared challenges and opportunities ahead.
View the CityUK and PWC Report: ‘A vision for a transformed, world-leading industry: UK-based financial and related professional services’