BUSINESS lies at the root of a successful society in Guernsey. Peter Budwin, the executive director of the Confederation of Guernsey Industry, supported the basis of the first major speech made by the new CBI’s director-general.

Citing a growing lack of understanding about the role of UK businesses, Peter Lambert said ‘a healthy business sector lies at the heart of a healthy society’.

Mr Budwin believes this notion is also applicable to Guernsey.

‘We have to create an environment that is business-friendly, but also maintain a real balance with the individual,’ he said.

Regulation of companies was one area the CGI would like to see reduced in Guernsey.

Citing the recent introduction of the competition law, Mr Budwin said that while it was important to have industry guidelines, subsequent legislation was not always appropriate.

‘While we are very mindful to have proper competition laws in place and we don’t want to see monopolies taking over, sometimes it is not necessary for such legislation in such a small jurisdiction.’

He thought that the public’s perception of local companies and what they pay in taxes was on occasion a little misguided.

Contrary to some of the public responses against the zero-10 debate, Mr Budwin maintained that Guernsey needed to be competitive with the rest of the world.

‘These banks put our bread and butter on the table,’ he said.

‘Individuals have to be mindful of the fact that these people employ us and we have to sometimes give them an incentive to stay here.’

Mr Budwin acknowledged that most CGI members were not subject to the regulatory requirements used in financial institutions in the island, but believed that such as amount of compliance was essential for the finance industry’s international standing.

‘It’s very important for the reputation of the island – we don’t want to be seen as a cowboy jurisdiction,’ he said.

Deputy Commerce and Employment minister Carla McNulty Bauer said much of Mr Lambert’s speech tied in with the points raised in the department’s Building Confidence document.

Deputy McNulty Bauer said the department’s principal aim, outlined in the report, was ‘to create the condition that maintains a proper and resilient business environment which is able to respond quickly to circumstances’.

She maintained that it was important to develop a business-friendly culture.

‘The legislation and regulation should be appropriate to our small jurisdiction and should not act as a disincentive to our business and our employees,’ she said.