More warnings of threats to finance's future

But can we guarantee that it will continue to drive the island’s economy in years to come?

The latest credit rating report on Guernsey from international rating agency S&P Global Ratings raises a few red flags – all of which should be well-known by senior figures in the industry and those in government, but no less concerning for that.

Financial services in Guernsey has consistently been the great survivor. All the major threats posed since the industry started to develop in the 1960s have been overcome.

Although Guernsey has well been able to demonstrate the value of legislating for oneself, and being small and nimble, every challenge successfully overcome only seems to beget another.

S&P particularly highlights those longstanding issues of Brexit and tax competition.

On Brexit, it sees the UK financial sector’s ‘less favourable access’ to the EU after Brexit to weaken prospects for the industry in Guernsey, although industry figures consistently argued before Brexit was completed that it was a reason for the island to thrive.

So far, from the outside, it doesn’t seem to have made significant difference either way.

‘While Guernsey’s financial sector has a geographically diverse funding base, many of its clients originate from UK referrals,’ S&P said.

It also sounded a politically-motivated warning which again, the island would be well aware of.

‘The UK’s exit from the EU has indirectly weakened Guernsey’s political clout with the EU, which is relevant in the context of the EU’s regular publication of its list of non-cooperative jurisdictions. The push for higher corporation taxes globally could eventually harm Guernsey’s competitiveness.’

Guernsey has already signed up to the OECD and G20’s plans to address tax inequalities. But S&P doesn't expect a 15% rate for the largest multinationals to be 'significantly disruptive', given many in the industry are already paying 10%.

But it does warn that, over time, this could weaken the island’s competitive position – which is something the island can ill afford.