Business group hails increased funding for finance

Tuesday 27 June 2023

The Guernsey International Business Association (GIBA) has welcomed P&R’s plan for a multi-million-pound uplift in funding for Guernsey Finance for the coming two years

Paul Sykes, Chair of GIBA, said continued funding for the islands’ marketing wing of the finance industry is a “key part” of the economic strategy by prioritising “investment and growth”.

“The finance sector remains the island’s biggest single driver of GDP, and Guernsey has a lot to offer as a jurisdiction, but it is competing in an extremely crowded marketplace against very well-resourced competitors," he said.

“GIBA welcomes the news that economic growth and competitiveness is named as a strategic portfolio in the latest Government Workplan. Digital connectivity, skills, transport, entrepreneurial growth and innovation are all critical factors in ensuring Guernsey is an attractive place to do business.  

“We also note the acknowledgement of external pressures such as anti-money laundering, combatting the financing of terrorism and economic substance requirements in the Government Workplan.”