Guernsey seeks to ensure stability in wake of UK leave vote
GUERNSEY is well placed to ensure the trading impact of the Brexit vote is minimised, the States has said.
The leave vote – by 51.9 to 48.1% – has led UK Prime Minister David Cameron announce his resignation this morning, immediate stock market volatility, and the pound suffering its biggest ever drop.
Guernsey is not a member of the EU, but Protocol 3, which will need to be replaced as part of the UK's exit negotiations, ensures free movement of goods.
Financial services relationships are ensured by the island's third country status, which does not change.
'Following the UK decision to leave the EU in this referendum nothing will change overnight in the relationships that Guernsey has with the EU, or the UK for that matter,' said Policy and Resources president Gavin St Pier.
'I welcome the opportunity for debate in the States on how we will manage this transition to ensure Guernsey can seek to remain the same. We will be monitoring the economic impact of this significant constitutional change for the UK and we will be engaging with business, with the Committee for Economic Development, to understand this knock on effect to our economy.'
A debate will take place next month.
Mr Cameron will stay in place until a new leader is chosen – he hoped that would be in time for the Conservative Party Conference in October.
He said that it should be for the new Prime Minister to formally open exit talks.
More coverage in today's Guernsey Press.
