The Finance Sector Strategy 2035 project cost the taxpayer more than £500,000 but has brought all elements of the industry together with a clear intention of what the industry should look to achieve in the years to come, and how best to secure it.
The targets agreed include boosting productivity; capturing a larger share of existing markets by moving up the value chain; looking to capture adjacent and fast-growing areas of opportunity; mobilising private sector investment to support innovation; and working harder to build the island’s reputation in the global financial landscape.
Locally the island needs to do more to tackle the key structural constraints that could impinge on growth, including the cost and availability of housing for staff, and focus on the wider enabling environment including regulation, skills and talent and connectivity. Delivery will be supported through a new Financial Growth Forum formed by the commissioning industry partners.
‘Global finance is moving faster and capital is more selective – standing still is not neutral,’ said Economic Development vice-president Deputy Andrew Niles.
‘Guernsey does not compete on size – we compete on agility, quality and specialisation.
'This strategy sets a clear mandate for government, the regulator and industry to remove barriers, enable innovation and deliver sustainable growth for the island.
‘This strategy is industry-led in substance, not just in name. It reflects candid input from professionals who understand where Guernsey excels and where friction is delaying growth.’
The close involvement of the financial services regulator is seen as critical for the successful development of the industry.
William Mason, director-general of the Guernsey Financial Services Commission, described the output as ‘a package of integrated measures which, while demanding, are potentially doable’.
If they could be delivered collectively, he added, it should materially enhance the Bailiwick’s economic performance.
‘Good strategy requires a clear understanding that choices have to be made, that different positions are mutually contradictory and that it is unwise to try to be all things to all people if you wish to win rather than to die exhausted in a desert,’ Mr Mason added.
Jo Peacegood, chairwoman of the Guernsey International Business Association, said that the strategy was ‘a significant milestone’ for the finance industry.
‘Through working together with industry and government, we have a clear and shared direction for the future. It identifies the strengths we can build on as a globally-recognised finance centre and sets out the priorities that will help us go even further,’ she said.
‘By aligning around these priorities, we can enhance financial resilience, support sustainable growth and ensure Guernsey remains competitive on a global scale.’
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