Politicians must be on the money

By Nicci Martel

POLITICIANS must have a sound understanding of the finance sector for the island’s government to be successful, according to industry leaders.

Guernsey International Business Association chairman Steve Le Page said that with the sector being the driving force behind Guernsey’s economy, politicians must know what it entails.

He said that was why the association had organised an event early yesterday evening at which election candidates could put their queries to finance workers.

‘It’s very important for them to have a good understanding of how it operates so they can know what’s important to it, what’s not and how it interacts with other industries and the rest of the community.

‘It’s vital, if they get into the States, that they make informed decisions.’

Mr Le Page said the industry often got flak for not communicating enough, which was another reason to put on the event, which was the first of its kind.

He said it had not been organised because there was any lack of understanding in the previous States, but he added that there were concerns over how familiar the new government will be with the issues surrounding zero-10.

‘There is a concern about what will happen to the new tax regime. It was a long time coming and we would wish to make sure the next States deputies understand why it’s there and have the knowledge to make any adjustments they might need to in the future.’

Zero-10 seemed to be the point of concern for candidates also, with a lot of the questions asked on the topic.

Advocate Ben Morgan of Carey Olsen said it was a worthwhile event because some members of the outgoing States were not as well informed about finance as they should have been.

‘In the last government they got it right with zero-10, but you did get a feeling that not everyone really understood it or understood how finance really operates on the island. There were a small group of politicians who really fought to get it through, but there was a sense that others were not terribly well informed.’

Understanding Finance in Guernsey was held at The Princess Royal Centre for the Performing Arts.

Article posted on 3rd April, 2008 - 2.29pm

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