Get Guernsey working again

Last week’s Institute of Directors economic update was referenced directly, along with allusions to ‘challenging’ times. But the event, and the chatter, was perhaps notable more for what it didn’t directly say.

It was noted that Economic Development is looking again at a ‘finance sector development framework’ – not that any previous iteration has seemed to particularly move the needle.

Meanwhile GIBA spent much of the start of last year resetting its priorities. The finance sector’s umbrella organisation concluded that they were ‘housing, education, fiscal, regulatory and innovation’.

Trusting they were recited in order, it’s notable that the finance sector’s three biggest priorities were issues completely out of its control, and resting firmly with government.

They remain active workstreams. If there was no housing crisis, said the association chairman, maybe finance could have filled 600 vacancies and paid an extra £6-12m. in tax last year.

There were exhortations for industry leaders to go out and drum up business and to support Guernsey Finance, but it’s clear that the primary levers for releasing finance from any doldrums are the responsibility of government.

There is also enthusiasm for would-be deputies to be better informed about finance. They need to be clear about what they need to do to get Guernsey working again.