Prosperity of financial services 'should not be taken for granted'

A DECLINE in the value of exports in the financial services sector in the UK is bound to impact on the industry in Guernsey, the president of the Chamber of Commerce has warned.

Rupert Dorey, pictured, told the Chamber AGM that the prosperity of financial services could not be taken for granted.

'We face many external threats, regulatory or political,' he said. 'These are already starting to impact on us. It is notable that ETI receipts, a key indicator of our economic health, as well as an indicator for government revenue, has fallen in real terms for the first time in years, a symptom of increasing stresses in the employment market.

'The UK's value of exports in the financial sector has fallen by 10% over the past year. Guernsey, given its dependence on London for its financial business, will not be immune from these effects. It is inconceivable that we won't be impacted by that.'