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Finance offers better prospects for Guernsey's economic recovery

28 April 2020

Guernsey’s most senior politician has praised the robust position of the island’s financial services sector and its ability to continue to trade out of lockdown.

Deputy Gavin St Pier (below), Chairman of the States of Guernsey’s Policy & Resources Committee and the island’s Chief Minister, said Guernsey’s economy was in a fortunate position compared to the UK’s more service-based economy, which would be significantly more impacted by lockdown.

Gavin St Pier“The fact that our major industry has largely been able to reposition itself, using its business continuity plans been able to continue to be productive from home I think is a great strength to the island and has helped us at this particular time,” he said at a press conference today.

Financial services regulator the Guernsey Financial Services Commission has said that applications for new business licences have been received over the lockdown period.

“Although this is a difficult time for the financial services sector, the commission has been pleased to receive applications in the past few weeks for new businesses, particularly from the funds sector and we remain optimistic about the future of the industry,” it told the Guernsey Press.

The Guernsey International Business Association, umbrella representative body for the financial services sector, has said the local industry has carried on business well with a shift to working from home, and had been more shielded from the pandemic than other areas.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: “Sustaining as much as possible of our economic infrastructure and activity is important to the island’s eventual recovery. We all want to get back to a successful community and economy. It has been amazing how companies have responded to this and changed working practices.”

Guernsey Finance has moved a number of its scheduled events online in the next few weeks, including the Funds Forum, Sustainability Week and a number of insurance events.

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