Rebranded Guernsey Finance to promote island as ‘conduit for global capital’
Guernsey is planning to promote itself as a finance centre to the City of London and Westminster this year in advance of the UK general election.
Promotional agency Guernsey Finance unveiled a new report on the island’s economic contribution to the UK at its annual update event yesterday, and said that it would be supporting the States at the pre-election round of party conferences later this year.
The new research report, produced by independent research house Frontier Economics, highlights the ways in which Guernsey’s financial services sectors generate significant value to the UK.
Its key findings included that Guernsey-based funds channel significant investment into the UK economy, and currently hold UK assets worth £57bn, a figure which has increased 14% year-on-year since 2020.
And UK FTSE 100 companies may collectively save almost £100m. per year through the use of Guernsey captive insurance structures.
Deputy Lyndon Trott, in his role as chairman of Guernsey Finance, said that the report was being published ‘at a time of utmost importance’, given the prospect of a UK general election in the second half of the year.
‘No matter the outcome of the election, our status as a reliable conduit of capital and all of our benefits to the UK will continue to be emphasised,’ he said.
‘As the UK prioritises its “levelling up” agenda, Guernsey can play a part as a conduit for global capital.’
Nick Fitzpatrick, manager at Frontier Economics, spoke about the new report at the annual Guernsey Finance Industry Update yesterday at St James.
‘There is enormous commercial and social value which Guernsey funds and investment managers generate for the UK, which just wouldn’t be possible if those funds were based in another jurisdiction,’ he said.
The event also saw the agency formally drop the We Are Guernsey branding it adopted in 2016 and return to being known worldwide solely as Guernsey Finance.
It has launched a new website and branding too.
