States agrees extra £900,000 for finance promotion

ANOTHER £900,000 of public money will be spent on promoting the finance industry.

ANOTHER £900,000 of public money will be spent on promoting the finance industry.

The States agreed this afternoon to Commerce and Employment’s bid for an extra £300,000 a year for the next three years so that Guernsey Finance can target emerging markets.

And amid the debate there were strong calls for the legal profession to start contributing to the body which is jointly funded by the States and finance industry.

Comments for: "States agrees extra £900,000 for finance promotion"

soph

Sign of the Times

The Finance Industry is so hard up it can't raise funds to do this themselves

Time for a tax payers revolt all

NG

last time I looked, Finance industry workers were tax payers, and probably some of the largest contributors too.

not sure they'd be revolting about some of their contributions going to support the industry they work in.

kevin

Last time I looked, States employees were tax payers but it doesn't stop the private sector moaning about their pensions.....

BadDonkey

Last time I looked the BANKS and FINANCE in the EU are causing the Austerity all over Europe, but they dont pay there share over here do they. !

insider

How much is the Finance industry putting into this, or is it all at the taxpayers expense?

Election Issues

Another £900,000 of "public" money will be spent on promoting the finance industry.

C&E wanted the extra £300,000 a year over the next 3 years so GF can target emerging markets.

I hope C&E and Education will wish all those children at the 2 primary schools closed down (for FTP savings)....a very Happy Christmas.

GUERN TO THE DOGS

Its going the same way as growing and tourism.

LTR

Which part of "jointly funded by the States and finance industry" went over your head?

Chris

I was against the extra money until there is an investigation into favouritism by the GFA. Some firms get a lot of free marketing on the trips, others don't get a look in. It's patently unfair but no one complains as then you'll never get invited, ever !

BadDonkey

Conflict of Interests springs to mind. CISX/GFSC

Island Wide Voting

Whilst I am full of admiration for BadDonkey's speed typing skills ( and Oh Dear's too) with posts at 18.06,18.08,18.09,18.11,18.13,18.17 and 18.19 in this particular little grouping, does anyone actually bother to look to see which posts he is replying to?

I don't and if others feel the same then your gallant efforts are wasted Mr Donkey

Watcher

Totally agree IWV, the Moderator had appeared willing to clean up the forum by removing posts that offended but here we are, faced with constant and inconsequential comments from somebody with an over inflated opinion of his writing abilities. This Donkey is not only Bad he is also Sad, if not a little Mad. Time his subscription was cancelled.

BadDonkey

No Rhetoric, prove me wrong. IWV and Watcher troll.

Castiel

The States have to stop throwing our money away flogging the dying horse and diversify our economy before its too late!! The UK will not help us if it all goes belly up.

John

You've had an "introduction into Project Proteus." What more could you possibly ever want?

Some people are just never satisfied.

BadDonkey

Project Proteus is a failure .

brown cow

DJ kev you said last week the finance industry is running out of steam . make your mind up.

kevin

As a taxpayer I'd like to see some proof that the island gains some business from emerging markets!

And if/when these finance companies are making a profit from the 'emerging markets' the States should be making sure that the Guernsey coffers get a share.

Backchat

I think 'emerging markets' would avoid Guernsey like the plague as its far too expensive to operate over here, something we will see evidence of in the coming months when established businesses leave.

BadDonkey

Proof means transparency, some of the States Members are allergic to that word .

Royston Gauno

John would be just as happy with a pint of Guinness and an LED Torch..

Quizzed

tut

Typical

Thats almost a million towards the pension contract i and many others signed. Plus the 2.6 million they cocked up on.... and many many more other cock ups.

Lets line the pockets of everyone in the world and shaft the public sector workers of their pensions. Bha... A drop in the ocean.

Oh, lets give away our telecomunication bussiness to Bharain.

Yeah......... Maybe it is time for action

bob

I don't remember the states giving away the telecoms business to Bharain. Please remind me of this?

Classic Guernsey Corruption

Apparently the States of the day sold Guernsey Telecoms for £5M, exactly the figure that Guernsey Telecoms had in its current account at the time. Further payments were to be received later. So C & W got Telecoms for absolutely nothing on the day of sale and most probably paid the deferred purchase price out of revenue from the consumer.

Those responsible should be in prison.

bob

So were further payments received later?

And there were sold to C&W not anyone in Bharain then.

Futu

Sure is owned by Batelco, located in Bahrain.

BadDonkey

Agreed , name and shame.

Quizzed

used to be ours mate!

http://www.thisisguernsey.com/news/2013/02/26/regulator-approves-sale-of-cw-in-ci/

BadDonkey

Bob its called Fleecing. Just look at the land infill at St Sampsons, a typical example of one.

Prospero

This is £900k of sheer desperation. And who's to say that this is a one off payment.

Be prepared to see further payments as the industry declines at a greater pace.

If the finance industry shrinks to what some commentators have already estimated (GM) say from 5,500 to say 2,500 / 3,000 heads then we are in dire peril - that's why everybody should expect to see more of this.

Think of the payments as more of a bail out.

Soup kitchens next.

BadDonkey

Welcome to the EU style type Austerity .

Iceland saw it coming and arrested the bankers and the Govt. Wonder what will happen here. Interesting times.

insider

This £900k (over 3 years) is on top of the £800k they already get.

Blondie Brown

How will the success or failure be quantified? £300k per year is a lot of money to spend. In three years time, if a new request for a further £900k is made, I wonder how it will be assessed?

Realist

Don’t get me wrong, I am a supporter of the Guernsey finance industry and think that , on balance, it has brought more good than bad to the Island – nevertheless I am not totally happy with what is being proposed here.

You don't raise the reputation of a jurisdiction like Guernsey by sending the likes of Lyndon Trott on expenses-paid "jollies" to exotic countries. You do it by creating a centre of excellence in which businesses can thrive and then let the reputation of the place speak for itself.

The banks and other financial institutions who have established themselves on the island have done so because of we have built a well regulated environment with a long established and experienced workforce and (above all) a low tax environment. I very much doubt any of them came here because someone from the States or from Guernsey Finance dazzled them with a blinding sales pitch.

I am very sceptical about the benefits of sending out expensive government delegations to stand in front of PowerPoint presentations explaining what a marvellous place Guernsey is. A company either has a genuine business need to set up in Guernsey or it does not – a generic sales pitch promoting the island will not alter that fact. If the (privately owned) financial services organisations who operate out of Guernsey can see new business opportunities in emerging economies then they will send their own people out there to explore those possibilities. Those businesses can afford these marketing costs, the Guernsey taxpayer cannot.

paid "jollies" to exotic countries. You do it by creating a

Futu

My understanding is that we DO tick most the boxes, technically speaking, as a 'centre of excellence' for the illustrious finance industry, Realist, it's just that its too damned expensive to do business here, and when finance has to tighten it's belt, the first thing it will do is acknowledge that by relocating to places where they don't have to pay a king's ransom in wages etc or closing down completely.

I agree that sending the likes of Lyndon and St Kev to do business in the big bad world is a very, very scary thought though, and with St Kev's increasing propensity towards 'loose cannon mouth' (what was it he said? 'If I could, I'd hold a gun to your head to get this money'...or something along those lines), I cringe when I think of the impression they're giving any potential new businesses.

Vicious Sydney

The States were unanimous, them!

Sense has prevailed, her.

Merry Crimbo

here we go

Shock horror people having a moan about this. Finance is huge for Guernsey yet ''proper Guerns'' seem to forget this and think everything would be rosey without it.

Less people in finance = less people in Guernsey = less tax take

So you could kiss goodbye to more schools, your pensions, more hospital wards, repaired roads, air links, charities funded by business,. Oh and food etc will go up in price as its less economical to ship here etc. But on the plus side a few first time buyers may be better off

Futu

Shock horror you trot out the same old argument as well, hwg.

BadDonkey

Less people = Less costs = win.

If Finance collapses , the Guernseyman will grow and fish like they always have, no sweat. Don't worry we will be just fine.

Jon

As Realist has said, the majority of these trips are just a few presentations. Guernsey Finance now have a Chinese office - perhaps the public can be shown if any Chinese business has been brought in as a result?

Funding for tourism has been reduced for next year too...

Tim

Oh dear, throwing more tax payers money at Guernsey finance to subsidise the overseas trips.

We now have offices in China, Brussels and have just joined with jersey with an office in France. With all those offices and subsidies to Guernsey Finance, it really makes you wonder if Guernsey's tax returns are actually getting enough extra earnings to cover the cost of the offices and overseas trips.

There has to come a time when we are spending more than we are getting back in returns and i think we are very near that point.

As a tax payer enough is enough, direct you spending back to health and education, not ego trips for ambitious deputies.