GUERNSEY has reached 16th place in this month’s Global Financial Centres Index. The index, which is produced by the Z/Yen Group for the City of London, ranks financial centres based on external benchmarking data and current perceptions of competitiveness.
Guernsey has climbed three places since the March 2008 report and Jersey has risen by two to 14th.
‘Our significantly improved ranking from this respected authority is a major endorsement of Guernsey as a leading international finance centre during these difficult economic times,’ said GuernseyFinance chief executive Peter Niven (pictured).
‘It lends further weight to our belief that the island is better placed than others to weather the economic storm. In particular, it reinforces the evidence from the banking and funds statistics that Guernsey is closing the gap on competitors.’
Dublin (13th), Jersey (14th), Luxembourg (15th) and Guernsey (16th) have all been given a rating of 622 and are split only by decimal places.
Guernsey’s rating was up 19 points while Jersey was up by 15 from the March report.
The new ranking follows soon after Guernsey was named international finance centre of the year’ at the Step Private Client Awards and the publication of the Financial Times’ ‘Doing Business in Guernsey’ which praised the island.
‘It also reflects the fact that since the last report we have enhanced our offering to clients through the introduction of a new trust law, a new company law and the Guernsey Registry, while also stepping up promotional and marketing activity both in existing markets like London as well as new jurisdictions such as China,’ said Mr Niven.
‘The latest version comments on how small financial centres such as Guernsey are proving so competitive against bigger rivals.
‘It is notable that the tax environment is now being mentioned as a crucial area of competitiveness.
‘There are other reasons why relatively small financial centres are very competitive. Speed of decision making and a coherent regulatory regime are increasingly seen as important.’
The Isle of Man has also risen by two places to reach 19th. The Cayman Islands is 21st, Dubai 23rd, Gibraltar 25th and British Virgin Islands 29th.
Article posted on 29th September, 2008 - 2.30pm
5 Article Comments
Peter Niven
I wonder how many places we would have dropped when the fourth quarter stats ae out?
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Paul
No need for concern and torment.
You can be comforted that because of the way the survey is conducted, it is unlikely Guernsey will suffer the drop you are so worried about.
I also feel that London will still be the table leader when the figures come out.
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Stephen John
I am not concerned. I personally would relish a big recession. The only thing that torments me on this island is the rate of inflation nd the general price of things. Without a recession we will end up with an economy like Russia and those with money would welcome it but the ordinary person will not. It is high time that house prices are valued at what they are actually worth rather what an investor or developer is willing to pay.
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Paul
I’d call that rather a false economy. It wouldn’t make those devalued properties any more affordable to the “ordinary people” to whom you refer who, because of the recession, may longer have a source of employment income and in the whole process of devaluation would quickly be into negative equity and possibly worse in respect of their existing properties. A recession really doesn’t benefit anybody.
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There should always be contingency for recession. States housing for a start. Giving exclusive rights to the GHA works well in boom times, but long term there will always be those that cannot afford even part ownership. This idea that it ’stretches the tax payers pound further’ is misinformation, surely, when the bad times come, as they always do, the debts incurred by the GHA will need to be met. If the tax payer does not pick up the tab then all projects will fail. It’s another example of short termism and a rush to absolve States responsibilities.
One benefit recessions bring is that it forces people to work together to solve problems. Boom times encourage laissez faire, a destructive human trait.
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