‘Show me who spends less than we do’

INTERNATIONAL development for financial services in Guernsey is underfunded, according to former chief minister Deputy Lyndon Trott.

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INTERNATIONAL development for financial services in Guernsey is underfunded, according to former chief minister Deputy Lyndon Trott.

The deputy, recently installed on the board of Guernsey Finance, the promotional agency for the sector in the island, will this week support in the States a bid to boost its funding by an extra £900,000 over the next three years.

‘There are many who question the value of marketing [in other jurisdictions through Guernsey Finance],’ he said.

‘But just look around the world and find a financial services centre which is spending less than we do.’

Deputy Trott, pictured, has made no secret of his desire to increase the profile of Guernsey Finance, the industry and the island. He joined his first delegation as a Guernsey Finance board member in London last week, and has previously been involved in a number, including trips to China, during his four years as chief minister up to 2012.

Comments for: "‘Show me who spends less than we do’"

PB FALLA

I assume that also applied when you was CM ?

No need to support a sinking ship now,the gravy train is over.

Martyn

I think most people can see the point of investing a bit more in what is essentially marketing for the Finance Sector. What I don't understand is why Deputies think ordinary tax payers should cough up. Yes, we need our Finance Industry and there is no doubt that Guernsey Finance does a great job but why can't the Finance Industry do its bit and pay for it? GF is part funded already by industry. Zero 10 removes a tax from businesses. So isn't it fair that they now pay for their own marketing?

It is my understanding that the Lawyers here, who are huge beneficiaries of the Finance Sector, don't pay towards Guernsey Finance. Why not? I think you'll find they can afford to pay better than a fisherman or a nurse can!

The ordinary person has enough to pay. Use his or her money for education or health services. I urge Deputies to see how unfair this is and to reject this request.

MP

completely agree with you

Blondie Brown

That's an interesting point Martyn. I know that as a bank we put a lot of business via our panel advocates. Legal fees on property transactions in Guernsey and the UK. One firm reviewed our loan paperwork and the fee was considerable.

Election Issues

"International development for financial services in Guernsey is underfunded"

Surely, there are no objections to boost the funding by an extra £900,000 over the next three years.

The profile of Guernsey FInance, the industry and the island must be promoted at all cost.

Unfortunately as the States has just closed down two primary schools in the name of FTP savings....the taxpayer will NOT be paying out this time!!

Guernsey FInance will just have to find another way........the taxpayer is NOT going to fund this at £900,000.

Justice

Promotion of all island industries should be a level playing field. Of course Finance should be well supported but just remember......Growing disappeared, now Finance is retreating......when will it disappear altogether?......who knows (let's hope never)...but what will always be here, when these big industries have left, is Hospitality and Tourism.....an industry which frankly, locals take for granted and for which the Government has very little regard.

Island Wide Voting

Justice

This could be one reason ...

http://www.thomascook.com/search/?question=&pageNum=1&searchId=1384339857321&categoryId=cat633832&pageId=Rel55-435053&sortingBy=&sortOrder=&pageSize=&dbTrail=&trail=62010%3ASpain

Realist

I have posted on this website many times in support of the finance industry which is (still) the mainstay of our economy.

Nevertheless, I have to agree with Martyn on this occasion.

A drive by Guernsey Finance to promote the finance sector will, primarily, be of benefit to the commercial companies whose businesses will (one hopes) be boosted by this marketing initiative.

Times are getting tougher and the States must cut back on spending. This is a good example of where costs can (and should) be picked up by the private sector.

Portlandgrey

A conflict of interest?

Director of Guernsey Finance, out with the begging bowl for another million quid of taxpayer money, whilst being a serving Deputy & therefore having some influence over the decision to give said taxpayers money, while also currently serving as a non -exec with Concept Trustees, one of the companies who would stand to directly benefit from any additional promotional spending.

You could not make it up.

Lyndon's CV from the Concept website:

Lyndon is currently serving his fourth term as an elected member of Guernsey’s government and previously served a four year term as Guernsey’s Treasury and Resources Minister. He progressed to become the jurisdiction’s longest serving Chief Minister. With 5,500 employees, over 62,000 stakeholders and net assets in excess of £5 billion, the role of Chief Minister of Guernsey is often described as being similar to that of a non executive chairman of a FTSE 100 company.

He has held several senior positions with a strong focus on corporate governance, oversight, financial regulation and risk management and is a former city trader with a merchant bank. He has extensive experience of the international financial services market place from a broad range of commercial and political environments. This experience includes the chairmanship of the board of trustees of a £1 billion pension fund.

In addition to his role with Concept Group, Lyndon is also a director of the worlds leading independent private equity and real estate fund administrator and of a AIM listed investment company. Lyndon has recently been appointed as a Director of Guernsey Finance.

Watcher

Portland Grey,

You say "You could not make it up"

Sorry, but somebody did !

Hmmm.......

This is very interesting, Lyndon Trott's declaration of interests makes no mention of him being a director of an AIM listed company, a position that he has apparently held for more than six months. Also no mention of Guernsey Finance, although that's a much more recent appointment.

I've never heard of the Guernsey Chief Minister's job being akin to that of a chairman of a FTSE 100 company, surely Concept aren't wildly exaggerating or attempting to mislead, that wouldn't do would it???

PB FALLA

Another guernsey shambles

Another case of personal interests and gains

How many times will Lyndon come to the well ?