We are approaching the end of another year and looking back there have been some notable highlights in what many feel has been the busiest one yet for the island’s finance industry. I won’t repeat the statistics - we have seen those rising inexorably quarter on quarter throughout the year - suffice to say that these have increased further, and at a greater speed, than ever before and the year end sees us more firmly than ever in a pre-eminent position as far as business flows and indeed as far as our competitors are concerned.
International accolades and awards were won by many firms from the industry again highlighting the depth and strength of the calibre and quality of what it offers on the world stage.
We should be proud indeed that they have put Guernsey even more firmly on the map than ever before.
But are we?
Unfortunately, generally I have to say that I think not.
Despite the fact that the finance industry provides excellent job prospects for the population and ensures that there are readily available well paid roles for school leavers to go into directly and also indirectly with the many firms that support the industry.
Despite the fact that it is currently the biggest contributor to the economy and will continue to contribute positively even after the introduction of the new tax rates next year.
Despite the fact that there are probably few families on the island that are untouched by the value provided by the industry either directly through working in it or indirectly by working for one of the many firms that provide services to it - in hotels and restaurants and through local tradesmen, taxi drivers and many other essential firms that work with the industry.
Despite the substantial support given by the industry through sponsorship for our island sports teams and individuals and the major donations to the charitable sector which allows them to help those less fortunate than us.
Despite all that, there still seems to be a reluctance to applaud the industry and see it in the light I believe it deserves.
Thank heavens, though, that sense prevailed last month in the States and the attempt to delay the tax changes, set to be introduced in January, was thrown out resoundingly.
And why would I say that? Because to change course at this late stage would have given completely the wrong signal to our international supporters.
Consistency and stability that are the hallmarks of Guernsey on the world stage would have been dashed in one fell swoop.
The industry trades on the fact that Guernsey maintains stability and certainty in a world that can be remarkably uncertain and that’s what brings in the business.
And don’t be fooled into thinking that the business comes ?here only because of relationships, as one prolific writer to the Guernsey Press has asserted recently.
If we are not seen as competitive on the world stage, then decision-makers will pass us by and the business here will migrate when companies decide to leave for a more competitive jurisdiction or if not, will wither on the vine and will not be replaced.
We will be left with a finance industry that is a shadow of where it is at present and that will have knock-on effects into jobs, certainty for school leavers and for the many support firms that rely on it for business.
Next year we have a general election and clearly some of the deputies already seem to be on the campaign trail looking at easy targets that will curry favour with the electorate.
The work done internationally by GuernseyFinance is one of those where doubts are being expressed over the money spent to promote the industry.
Some of those are long-time detractors pedalling the same old rhetoric.
All I would ask is that, in the spirit of the States quite rightly being more focused on ‘value for money’ and not wasting our hard-earned income, they look at the money we spend not only on GuernseyFinance but also on tourism and agriculture to name but two and ensure we get the right returns for what we spend.
Despite all that I am looking forward to 2008. Undoubtedly it will be a tough year, but we have the resolution and the determination to succeed and that we will.
A very happy Christmas and successful new year to all.
Loading ...
Share this article:
What are these?