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The annual Guernsey Business Trends Survey is now complete and results will be presented at a seminar this week.
The survey is organised by Young Business Group (YBG) in conjunction with Guernsey Chamber of Commerce and BWCI, and presents the views of Guernsey’s business community on performance and confidence levels within their respective sector and more generally in the island.
Respondents represent a wide spectrum of sectors that make up Guernsey’s business community including hospitality and tourism, construction, retail, finance and transport.
On the whole the results were positive with 55% of businesses (as compared to 48% last year) reporting their profitability in 2014 to be either substantially or slightly up on 2013 and over 60% of businesses reporting their turnover in 2014 to be either substantially or slightly up on 2013. These figures are the best for a number of years.
When questioned on the levels of confidence in the island’s economy over the next 12 months, 14% (as compared to 15% last year) reported feeling much more or more confident than this time last year and 42% feeling less confident (compared to 28% last year).
Results indicated that the three issues that the business sector sees as the highest priorities for the island to address are:
(i) reviewing the current system of Government to improve efficiency/effectiveness;
(ii) improving travel links with UK;
(iii) addressing the level of skills in the island particularly amongst younger members of the community.
Respondents were also asked how they think the States of Guernsey should deal with the budget deficit from a variety of options; the most popular being further controls on States departmental spending, which was selected by 84% of respondents
Detailed results of the survey will be presented at a lunchtime seminar on 11 June where you will have the opportunity to question a panel of speakers on the trends and how the island might address the key issues its business sector is facing.
The panel will comprise:
Jon Moulton, Chairman and Founder of Better Capital LLP
Gavin St Pier, Minister of Treasury and Resources at States of Guernsey
Kevin Stewart, Minister of Commerce and Employment at States of Guernsey
The panel moderator will be Mark Thompson, Chairman at KPMG.
