CGi chairman Peter Budwin, IoD chairman Mark Thompson, GIBA president Paul Meader and Chamber of Commerce president Paul Luxon are urging the States to act on a highly-critical report into how it runs the island. (Picture by Adrian Miller, 0837824)

GUERNSEY cannot afford to sit back and merely be reactive to the threats it is facing, according to Confederation of Guernsey Industry chairman Peter Budwin.

He said that the CGI – which represents the island’s non-financial services sector – felt strongly that the States and business community must respond to the issues raised at last week’s Institute of Directors debate.

These included the threats posed by the G20, EU and Whitehall to the finance industry, as well as the way in which the States operated.

‘We must be proactive to ensure the continued prosperity of the island,’ he said.

Mr Budwin added that there was an overwhelming consensus that changes to the system of government should be the priority.

Institute of Directors chairman Mark Thompson agreed that the island and its economy face many challenges.

‘We need to take proactive steps to meet those challenges,’ he said.

‘We have to go out to those who seek to impose restrictions on us and explain how our finance sector provides a legitimate service which benefits the global economy.’

Mr Budwin said that as Jersey and Guernsey had a common interest the islands should work together.

He added that business leaders had given a clear message to the States that it must change the way it operates.