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)

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.