Ministers have agreed to spend close to £1million on another "strategic review" of the critical financial services industry, to analyse the implications of Brexit, and the effect of "digital disruption."
In the week when the UK triggered its formal divorce proceedings from the EU, it seems the true effects of Brexit are only now just starting to emerge.
Jersey Finance Limited (JFL) are to commission the "strategic review", conducted by global consultancy firm McKinsey, which is due to begin in April, with results expected by the end of this year.
It was only in 2013 that McKinsey conducted their previous review of the industry - which was never published - but Chief Minister, Senator Ian Gorst, has cited recent changes to the political landscape as the driving factors behind the decision to look again:
“We are fully committed to maintaining the ongoing success of Jersey as an internationally respected and competitive finance centre, and thereby continuing to grow the Island’s economy for the benefit of everyone. As the UK Government’s relationship with Europe changes, we will ensure that Jersey continues to receive the best available advice and information to allow us to make the right choices on behalf of the Island.”
The new review will focus on:
An important investment that will help us assess opportunities, respond to challenges and sustain growth in this sector https://t.co/vnlq6woj9l
— Richard Corrigan (@jsyrichard) March 29, 2017
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