Ministers this morning launched a major bid to get Jersey to rediscover its appreciation for the finance industry… and issued a rallying call to ensure election season delivers a government that fully appreciates its value.
Addressing hundreds of industry professionals at the Radisson Blu this morning, External Relations Minister Ian Gorst launched ‘Time to Win’ – describing it as a “blueprint for maintaining and improving island life and we know it”.
How will Jersey ‘win’?
Based on the recommendations of an independent panel of experts led by former NatWest chair Sir Howard Davies, the ‘action plan’ sets out how the key industry – which is responsible for more than half of the £6 billion created by Jersey’s economy each year, provides two out of every five jobs in Jersey, and generates £6 in every £10 of tax revenue – will protect its status as a safe and reputable place while winning new business.
The plan includes creating the right environment for Jersey to a leader in digital assets and tokenisation, which is a way of protecting sensitive data through the use of a safer digital replacement called a token.
It also sets ways to reduce regulatory cost and complexity, to refocus on growth, and to invest more in technology and infrastructure, such as the International Finance Centre.
But the panel also went several steps further – with Sir Howard telling this morning’s audience that Jersey needs to reform its housing and work laws, and even enhance its arts and culture offering if it wants to remain attractive.
“The figures will leave you in little doubt”
In a rousing speech following Sir Howard, Deputy Gorst set out how, were the island to lose its dominant industry, the impact would be felt bar beyond the glass offices of the finance district – but hospitals, classrooms and public services across the whole Island.
“The figures would leave you in little doubt,” said External Relations Minister Ian Gorst told hundreds of sector professionals at an industry briefing at the Radisson Blu this morning.
“Financial services directly generates more than 40% of the island’s GVA. Indirectly, it contributes at least 60% – they are incredible figures.”
The industry employs around 14,000 Islanders and generates £600 million a year in tax revenue – “equivalent to funding the entire health and education budgets and most of Social Security,” he said.
“Our schools, our health service, our roads – quite frankly, our way of life – is largely funded by the revenue generated by our financial services sector.”
“Ask what they think about taxes…”
Closing the session, Treasury Minister Elaine Millar urged members of industry to get behind the strategy – and challenge candidates who might not at the ballot box.
“We’ve all heard those comments: ‘Jersey was wonderful before financial services came along and ruined it all.’ We know that’s not true, but it really is important that you do think about this carefully.
“It’s not for me to tell you who you might wish to vote for… but please do think about it. Please ask questions. Look at spending plans. If people tell they’re going to spend a lot, that means they will probably put tax up as well. Ask what they think about taxes. But please do vote. It’s really important.”
The government says that, taken together, the plan – which was put together in consultation with members of industry – represents the most ambitious set of reforms in a generation and is supported by £30m identified in the 2026-2029 Budget for investment in competitiveness.
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