‘Islands make significant contributions to UK trade’

John Glen, pictured, said that trade with Jersey and Guernsey was worth billions of pounds in comments that were made amid criticism from some UK MPs of both islands and their finance sectors.

‘The Channel Islands contribute significantly to UK trade. Specifically, the UK exported services worth £7.2bn, 2.6% of our total service exports, to Guernsey in 2017. As a result, they were the UK’s ninth largest services export market in 2017,’ said Mr Glen in response to a written parliamentary question from Conservative MP Andrew Rosindell.

‘Additionally, in 2017, the UK imported services worth £4.1bn from Jersey, representing 2.5% of all UK service imports. As such, they were the UK’s ninth largest services import market.

‘More widely, the constitutional relationships between the UK and the Channel Islands are historic and highly valued, and there is a constructive working relationship between the UK Government and those jurisdictions.’

Lyndon Trott, vice-president of Policy & Resources, said: ‘For a number of years Guernsey has been setting out the positive and significant contribution it makes to the City and to the wider UK economy.

‘This is a key part of the work undertaken by Guernsey Finance [of which Deputy Trott is chairman]. That contribution is well-recognised by business bodies in the UK, such as CityUK, and in particular its advisory board of which I am a member, but it is welcome to see it recognised so clearly by HM Treasury.

‘Guernsey’s economy is complementary to, rather than competitive with, the UK, and that future economic partnership is highly important for both economies.’