Jersey’s successful, sophisticated and resilient financial services industry was developed with the support of a framework of domestic and internationally focused Government policies, covering areas ranging from employment and the development of infrastructure, to market access and compliance with global standards.
The Government of Jersey updated our Financial Services Policy Framework in December 2021 with the intention of protecting and nurturing the strengths which have enabled the industry to thrive for over 60 years, following a widespread consultation across Government, regulatory organisations and within industry, both in Jersey and outside the Island. Ongoing success will be based upon the continued cooperation and coordination of all stakeholders.
The election in June 2022 returned a number of new members and led to the appointment of Jersey’s first female Chief Minister, Deputy Kristina Moore, along with a revitalised Council of Ministers. In recognition of the industry’s need for stability and continuity, I have retained oversight of financial services, in addition to taking on the portfolio of Minister for Treasury and Resources. This demonstrates the Council of Ministers’ appreciation of the contribution that the finance industry makes to help individuals and businesses grow and prosper, both domestically and internationally.
Swift action has already been taken by the Council of Ministers to address the cost of living challenges within the Island, with a mini-budget proposing measures to provide support before the winter, using the tax system – including tax thresholds – to assist those impacted most by the current rates of inflation. The Chief Minister has also made it clear that she wants to focus on controlling growth in expenditure and rigorously managing debt, objectives that have my full support.
The Island’s contribution to the global economy, in both developed and developing countries, is significant. We enable capital to move around the world, generating employment, taxation and economic growth across hundreds of jurisdictions. These international capital flows put Jersey in a powerful position to make a recognisable contribution to the world’s efforts to address climate change and we are part of the International Network of Financial Centres for Sustainability, a group which seeks to achieve the UN’s Sustainable Development Goals and the Paris Agreement on climate change.
The Island acts in line with the UK on matters of foreign policy and has implemented all UK sanctions deployed in response to Russia’s actions in Ukraine. In preparation for the MONEYVAL assessment, scheduled for 2023, the Government will continue to work with the industry throughout this year and into next on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures.
Jersey takes seriously the part it can play in driving positive change in the world and will continue to adopt international standards, adapt to technological advances and use our expertise to move towards a more environmentally and socially sustainable global economy.
Government’s role is to provide leadership, to nurture relationships with our partners across the world, to encourage effective cooperation between stakeholders and above all to provide a responsive and enabling business environment within which the core industry sectors – and innovation and enterprise – can continue to thrive.
The Government is committed to supporting the financial services sector and recognising its significant contribution to the economic wellbeing of the Island and all its residents. Even those Islanders who feel they have no direct connection with the industry will have benefitted from the improved public services, greater connectivity and wider economic prosperity that is facilitated by the presence of a finance industry which contributes a significant proportion of the Island’s gross value added.
By working together with our clients and partners in Jersey and across the world, we can have every confidence that we will meet any future challenges and that Jersey will continue to be resilient, successful and dynamic.