Guernsey Press

'It is not a time to panic'

GUERNSEY will fight to ensure stability after the UK voted in favour of a Brexit.

Published

The vote to leave the European Union – by 51.9 to 48.1% – has led Prime Minister David Cameron to resign this morning, immediate stock market volatility and the pound suffering its biggest ever drop.

It means that Protocol 3, which allows the island to trade freely in physical goods with the EU, will fall away and need to be replaced amid the UK exit negotiations, which will begin when a new prime minister is in place.

In terms of the finance industry, while Guernsey is not part of the EU it is instead treated as a third country, implementing those measures it needs to ensure equivalence and access to the European markets – that remains unchanged by the vote.

Policy and Resources president Gavin St Pier stressed that it would take some time for change to take place in terms of the UK's relationship with the EU and Guernsey's relationship as a result.

'It is not a time to panic, but a time for cool and calm decision-making,' said Deputy St Pier.

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