The leader of Reform Jersey has said his party will be “studying” the government’s recently-unveiled blueprint for ensuring the competitiveness of Jersey’s financial services offering closely – and including the “best bits” within the party’s manifesto.
Housing Minister Sam Mézec said that supporting the sector, which accounts for two in every five jobs in the island and provides £6 in every £10 of tax revenue, was “fundamental” to Jersey’s prosperity.
His comments come after External Relations Minister Ian Gorst revealed the results of a comprehensive review into Jersey’s financial services industry, which sought to analyse the challenges facing it and the best course of action for growing it.
Reform Jersey will be studying this programme very carefully and making sure we incorporate the best bits of it into our manifesto
Deputy Sam Mézec
The resulting ‘Time to Win’ programme, described as a blueprint for “securing Jersey’s competitive edge in financial and related professional services”, concluded that “quality, credibility and regulatory standards alone are no longer sufficient to secure growth in an increasingly competitive global environment”.
“Other jurisdictions are matching Jersey on standards while outperforming on speed, certainty, coordination and customer experience,” the summary document stated.
“The risk is not sudden decline but gradual erosion of relative position, market share and influence.”
It goes on to stress that “doing nothing is not an option”.
“The programme’s findings point to a clear and practical conclusion. Jersey does not need a new vision, nor does it need deregulation or additional institutions.
“Jersey’s simple, stable and certain tax regime, with tax neutrality at its core, remains competitive. What is required is sharper execution, clearer accountability and a system designed to convert its strengths into growth.”
It continued: “Reducing regulatory friction and costs, competing on customer service, modernising digital infrastructure and restoring a clear appetite for growth are not simply optional improvements. They are the conditions for success.
“Jersey’s scale is an advantage, not a constraint, but only if it is used to make faster decisions, align institutions and deliver a consistently high-quality experience for firms and clients.”
Speaking at the strategy’s unveiling at the Radisson Blu Waterfront Hotel on Monday morning, Treasury Minister Elaine Millar urged members of industry to get behind it – 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,” Deputy Millar said.
“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.”
Reacting to Deputy Millar’s comments, Deputy Mézec told Express that: “Supporting Jersey’s finance industry is fundamental to Jersey’s prosperity.”
He continued: “Whatever side of politics you’re on, that’s got to be crucial, because it’s how we fund the social contract in Jersey.
“Reform Jersey will be studying this programme very carefully and making sure we incorporate the best bits of it into our manifesto.”
The island’s financial services sector employs more than 14,000 people and generates over half of Jersey’s economic output.