C&E minister says finance is faltering as he unveils high-tech vision

GUERNSEY'S finance sector is running out of steam, the Commerce and Employment minister has said.

His belief that the island's main industry is faltering led Deputy Kevin Stewart to produce his own vision for Guernsey, known as Project Proteus.

It outlines a plan to make Guernsey one of the world's most technologically advanced jurisdictions.

Deputy Stewart said Guernsey could no longer rely on the prosperity generated by the finance sector. He said the focus now needed to be on ensuring the skills of the island's workforce, and its ICT infrastructure, were relevant and up-to-date.

'Over the past 18 months I have had a "sleeves rolled up" attitude to really understand the challenges Guernsey faces for the future. Our financial services sector is running out of steam, due to international and regulatory pressures and, of course, the current global financial situation,' said Deputy Stewart.

'It is a lot harder to get the financial business here and we cannot rely on it – we will all have to work a lot harder for it.

'We are investing more in promotion now because until recently where business used to just come in, we now have to work much harder for it and that is why we have invested in Guernsey Finance to go to China and Brazil and maintain our position.'