"Guernsey Finance needs more money"

Friday 11 December 2020

Guernsey Finance "needs more battleships" in order to fight off competition for business from Jersey and elsewhere.

The States is in discussions with Guernsey Finance about a "three to four" year investment package in the industry to help consolidate and, if possible, strengthen its position in amidst Brexit uncertainty and the global crisis brought on by the pandemic.

The Presidents of Economic Development and Policy & Resources are both backing a support package - the details of which have not yet been revealed - which has been drawn and will be put to the promotional agency. 

"The finance industry is the biggest contributor to our island and it is worth reminding people that, over the covid pandemic, I don’t think there has been anyone [in the industry] who has taken anything from the Hardship Fund," said Economic Development President Neil Inder.

"It has survived and it has carried us through covid. With Brexit coming up, with covid, we don’t know where we are, and we have to be prepared to potentially market our way out of some predicaments.

Pictured: Economic Development President Neil Inder says the finance industry needs to be mobilised to solidify and build on its strong foundations in the coming years. 

"There is a document going to Guernsey Finance in the middle of December, with a price tag attached to it, to look at investing some money in our primary industry with a view to assisting it  over the next three to four year period."

Deputy Peter Ferbrache praised the job the agency has done, but lamented the fact that its reach is limited by the resources available to it, which he is keen to increase.

"Guernsey Finance has done a brilliant job but it has been outgunned, it has one battleship and our competitors have 10 battleships, so it needs more battleships. It needs more money and I am sure it will spend it wisely. 

"They need more weapons in their armoury and we are going to do our very best to give them those weapons to even improve the very good job they already do."