Jersey won't lose out in the "bluster over Brexit"

Wednesday 29 March 2017

Jersey’s international standing will not be threatened by the UK’s departure from the EU, the CEO of Jersey Finance has said.

Geoff Cook’s comments came ahead of Prime Minister Theresa May officially triggering the UK’s divorce from the European Union today, which many Jersey business leaders fear could indirectly harm the Island’s critical finance industry.

But yesterday, Mr Cook told an audience of local business professionals at an Institute of Directors' lunch that Jersey’s existing ties to international markets such as Asia and the Middle East, as well as its cooperation with the OECD and endorsement from MONEYVAL would stand it in good stead throughout the exit process.

At present, Jersey acts as a conduit for foreign investment into the EU for up to 188 billion euros, supporting almost 90,000 jobs.

"Brexit and the implications for Jersey" - a timely update from @jerseyfinance's @cook_geoff at @iodjersey's Ogier sponsored event today pic.twitter.com/dPfpkaaGc7

— Ogier (@OgierGroup) March 28, 2017

Meanwhile, the Island pours 500 million pounds of investment annually into the UK, with one pound in every 20 in the UK attributable to Jersey. 250,000 British jobs are supported.

With that contribution in mind, Mr Cook said he was “confident” that Jersey “won’t fall by the wayside” throughout the two-year negotiation process, and that the UK government would be mindful of the findings of the recent Justice Committee and House of Lords’ reports into Brexit’s impact on Crown Dependencies.

Moreover, he added that Jersey Finance had already undertaken a number of measures to help “mitigate” the impact of EU withdrawal.

“We will help the industry to grow by continuing to deliver insight and driving innovation. We’re strengthening our competitive position currently through new research into areas such as pensions and buying investigating how the wealthy in Asia and the Middle East might use our services. We’re advancing Jersey’s reputation globally with events across the world from China to Dubai to the USA,” Mr Cook commented.

Geoff Cook @jerseyfinance saying we can't control the wind but we can adjust our sails in his #brexit talk @JerseyIOD this lunchtime pic.twitter.com/L73cXaZTr8

— 4insight (@4insighttweets) March 28, 2017

“Many of our member firms have reported a record year in 2016 and I believe that success will lead to a continuation of strong jobs growth, and I think when the 2016 figures are declared you’ll see a strong increase in tax contribution.”

In his concluding remarks, he said that Jersey should not lose sight of its position as a “leading international finance centre of excellence” amidst the “bluster over Brexit."

“Our sector supports half the employment in our island, provides 60% of the government’s tax receipts and provides unstinting support for the third sector. It can do this because it is a safe harbour in an uncertain world, because of the deep pools of world-class expertise that reside in it, because it is politically and fiscally stable, and because our relentless focus on delivering insight and driving innovation is driving business success.

“We may not be able to change the direction of the wind, but we can certainly adjust our sails.”