UK could be finance rival after Brexit, says former PM adviser
THE UK could become a rival to Guernsey’s finance industry after Brexit, while strengthening the island’s relationship with France could prove vital.
Chris Brannigan, a former adviser to Theresa May, yesterday said there were opportunities for Guernsey and Jersey as a result of Brexit. However, there was a competitive risk if the UK decided to become a ‘European Singapore’ following its exit from the European Union in March 2019.
‘For the States of Guernsey, there is a real requirement to be as well-informed as they can be, to be as agile in their approach and response as they can be, to understand where the opportunity arises,’ said Mr Brannigan.
‘I think those independent jurisdictions who will come out of this well, are those who understand where the opportunity arises rather than seeing it as a doomsday scenario.’
The Channel Islands also already had some ‘extraordinary advantages’ such as the attraction of relative ease of legislation and regulation. ‘Play to the strengths of what Guernsey has got in order to remain attractive,’ added the former director of government relations to the UK prime minister.
‘Where I think some of the risk lies is when negotiations conclude, for example, the United Kingdom thinks it wants to be a European Singapore.’
The Channel Islands should anticipate potential Brexit ‘bumps’ while remaining as agile as possible, while strengthening relations with France could provide ‘reinforcement’ to the islands’ status post-Brexit.
‘It may be that France becomes the new UK when looking for protection within the EU,’ said Mr Brannigan, who spoke to the Guernsey Press during a visit to take part in a local Brexit forum organised by JIBS Events, which is part of BPP Education.
While a ‘significant amount’ of an UK-EU Brexit deal had been achieved, he also said that any certainty about the final agreement might not emerge until ‘five minutes before midnight, and even that might be premature’.
Mr Brannigan predicted that the next few weeks in British politics were likely to prove the most ‘eventful’ in relation to Brexit – with Mrs May’s so-called Chequers proposed deal with the EU not yet a done deal.
His comments come as the UK political party conference season gets under way amid speculation that Boris Johnson could yet launch a leadership bid against the prime minister. Dozens of Tory MPs could potentially challenge Mrs May’s proposed Brexit deal with the EU, which may also seek to amend those proposals further.
The forum also heard from Allie Renison, head of Europe and trade policy at the Institute of Directors, Guernsey Finance chief executive Dominic Wheatley and the island’s HM Procureur Megan Pullum, who all explored key aspects of Brexit.
Mr Wheatley said the island was well-placed for Brexit and added: ‘Today has been a really useful session with some excellent speeches, which have given a really good oversight of the relevant parts of Brexit.
‘Being informed is absolutely key to our Brexit planning and today’s event has provided the very secure foundation for the business community who attended.’
