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The Guernsey International Business Association has confirmed its support for an increase in members’ funding of Guernsey Finance for 2024.
This is the portion of funding that is paid by finance sector companies to cover the costs of Guernsey Finance, which is a joint industry and government initiative.
The agency is tasked with helping to promote the island’s finance sector in an extremely crowded marketplace against very well-resourced competitors.
Paul Sykes, Chair of GIBA said its right that members pay as Guernsey Finance's work is part of a wider economic strategy.
“Our members have supported an increase in what companies will pay towards Guernsey Finance. We believe that the continuation of government funding for Guernsey Finance at the current level at minimum, must be part of the island’s economic development strategy.
“It is wholly appropriate that our industry supports the work of Guernsey Finance and vitally important for government to invest in the development in the sector which makes a significant contribution to the island’s GDP.”
In the last year, Guernsey has been named International Finance Centre of the Year at the Citywealth IFC Awards 2023 and risen 12 places in the latest Global Financial Centres Index. Guernsey also won European Domicile of the Year at the European Captive Review of the Year awards.
Deputy Nick Moakes, Chair of the Guernsey Finance Sector Forum and member of the Committee for Economic Development was pleased GIBA members agreed it was worthwhile.
“I welcome this announcement. Guernsey Finance is responsible for promoting Guernsey’s finance sector on the international stage.
“Whilst Guernsey is already a leading international finance centre, it is incredibly important that we continue to promote Guernsey in what is a highly competitive marketplace. This additional funding will help Guernsey Finance to deepen and broaden its international engagement.”
Pictured top (inset): Paul Sykes.
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