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‘Reasons to be cheerful’ about economic outlook

Business | Published:

GUERNSEY could enjoy a Brexit bonus if Theresa May’s government provides more ‘dynamic’ support for the City of London.

Martin Beck, EY economic advisor. (Picture by Peter Frankland, 20568751)

That was the message from a visiting economist to Guernsey.

Martin Beck, EY’s senior economic advisor from Item Club, pictured, one of the UK’s leading economic forecasters, also suggested concerns about Brexit’s impact were ‘overdone’.

‘Brexit has its upsides and downsides. A lot of the business in the Channel Islands is related to what goes on in the City of London,’ said Mr Beck.

‘If the City is hurt by Brexit that might translate into a hit for the Channel Islands’ economies. Equally, if the government responds to Brexit by taking action to try and support the City, and making it even more competitive, then that could be a good thing for the Channel Islands.’

He added that politics had ‘interfered’ in Brexit economic forecasts. ‘Project Fear was overdone. We’re now moving to a more nuanced view of Brexit and what its consequences will be – a more realistic view. It was an over-reaction.’

Full story in today's Guernsey Press

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