Lord Hunt of Wirral brought up the question of short-term housing licences in his review of the banking industry, much to the surprise of some local business leaders. (Picture by Adrian Miller, 0866582)
BUSINESS leaders have welcomed Lord Hunt’s review of the island’s banking industry, but questioned one of its proposals.
Chamber of Commerce president Paul Luxon queried the logic behind Lord Hunt’s suggestion that seven- to nine-year licences be introduced in the place of five-year licences.
‘Chamber is not particularly aware of the specific issue regarding “uncertainty for the employer and employee” as an individual approaches the end of their five-year licence term,’ he said.
‘No doubt, the same sort of uncertainty would be just as applicable at the end of a seven- or nine-year licence term too?’
He said the issue could be looked at from another perspective.
‘If, however, the point relates to the desire for a longer term per se to maximise the benefit a new employee to the island can make, then that logic is understandable.’
He suggested the Housing Department publish how many five-year licence applications from the finance sector it had actually refused each year to clarify the scale of the issue.
‘It is hoped that the work currently being undertaken by the Policy Council Population Group will address the whole issue of population levels, immigration, housing licences and the competency of the overall labour pool, and we await this outcome with considerable interest.’
Mr Luxon, who has long campaigned for greater cooperation between Guernsey and Jersey, said Lord Hunt was right to pick up on this point.
‘The concept of the Crown Dependencies working closely together on areas of common interest and significant impact must be regarded as a logical and positive development, always ensuring that Guernsey plc maintains key aspects of its competitive independence.’
He described the Hunt report as an extensive, detailed, well-researched and coherent study.
‘It principally gives banking in Guernsey a very clean bill of health and is complimentary about this key sector in Guernsey’s economy, along with a positive outlook in spite of the pressures and challenges that have recently prevailed.’
Guernsey International Business Association chairman Paul Meader welcomed what he called a well-informed and balanced review.
‘There are clearly a number of recommendations included in the report that need mature reflection but which have the potential to see Guernsey continue to thrive and adapt as an international banking centre,’ he said.
‘Giba is fully supportive of any measures in banking, or indeed other sectors, that would see higher value services offered from the island and the idea of greater cooperation between the Crown Dependencies already has a good level of support in the business community.’
He said other recommendations, such as those regarding housing licences, would require industry, both finance and non-finance, to liaise closely with government.
‘This is already taking place and we are hopeful that all concerns over licence continuity can be addressed as part of wider changes that also encompass concerns from other areas of the community about licence holders gaining long-term residency rights.’
Article posted on 7th November, 2009 - 2.29pm
One Article Comment
what a cheeky lot these Lords are; they’ve ruled the roost for so many years now that they think we’ll knuckle down to them.
It’s time they were told to get lost and go and pester their own,
I for one think it morally wrong that all they are concerned with is money,
But out in that war torn land of Afghanistan soldiers are fighting for their very lives whilst the noble ones sit and count their money. It’s a disgrace, I for one detest these Lords whose forefathers stole all that land and sit their trying to big, the only thing big about them is their mouths,
Think of those Men for once fighting to save your way of life.
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