Brexit: Jersey to spend £900,000 on Finance review

Thursday 30 March 2017

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:

• potential opportunities and threats arising from Brexit, and the implications for the Island’s financial services strategy;
• possible responses to the wider developments that are affecting the financial services industry, including the impact of changes in digital technology;
• identifying means for the industry to secure new growth;
• developing proposals to support the banking sector to respond to macroeconomic challenges, pressures on their business models and threats from digital disruption.

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