The future prosperity of the Island rests in large part on the ongoing success of Jersey’s financial services industry, which has been built on the quality of our skilled workforce, our competitiveness and a strong international reputation. In order to maintain Jersey’s position as a top-ranking offshore finance centre, the Government − in partnership with the industry − must now refocus on a strategy for future growth.
The Island remains a stable jurisdiction and we will continue to develop a cooperative relationship with the new UK government, as we have with previous Conservative and Labour administrations, that will work to benefit the sector and further strengthen the Island’s reputation as a highly-regarded international finance centre.
The recent MONEYVAL report was a valuable testing point for the Island’s strategy to date. It provides independent evidence of Jersey’s compliance with international standards at the highest level and the fact that it places the Island firmly in the top tier of well-regulated global finance jurisdictions can only be welcomed.
Yet while MONEYVAL demonstrates Jersey’s commitment to combatting financial crime, the assessment in itself is not a strategy for the future of the industry. Of course we must continue to prioritise the MONEYVAL recommendations and an integral part of business as usual but alongside this we need to ensure we have a sufficiently forward-looking and updated strategy that provides a clear direction for the next 10 years.
I have listened to industry representatives since my election as Chief Minister and there is a general view that we need to look again to see if we have the balance right between robust regulation, competitiveness and creating opportunities for growth.
Key industry figures have also told me that the sector is not looking for specific Government support. They would like to see us building affordable homes, ensuring high quality digital infrastructure, strong connectivity to international airports and a vibrant Island community, which will improve the ability to retain key staff and provide the confidence to invest for future growth. In this regard the industry’s wishes are perfectly aligned with the outcomes the Government is pursuing for the Island.
In terms of the finance sector itself, we know there is no room for complacency. The industry is becoming more competitive and the international tax landscape continues to evolve. To maintain revenues from the sector, which underpin the Island’s low-tax model and way of life, we need to adapt to evolving with global patterns in this sector, just as we have done in the past.
Jersey’s financial services industry has adapted and grown over the past six decades and with the right focus it will do so again. Deputy Gorst, as your Minister, has started work to drive forward Jersey’s international competitiveness, which will look at our international tax strategy, regulatory environment, products, processes, skills and diversification.
Read the Foreward from Deputy Ian Gorst, Minister for External Relations.