New plans to 'boost financial competitiveness'

Deputy Ian Gorst said Jersey must adapt to worldwide changes in order to protect and grow the sector

The Government of Jersey has announced a series of initiatives which it said would "strengthen the island's position as a leading international finance centre".

Deputy Ian Gorst, Minister for External Relations and Financial Services, said the sector contributed £3bn to the local economy, provided 14,000 jobs, and generated 40% of tax revenues.

The government said the Competitiveness Programme included monitoring global market trends, a new concierge service to make it easier for new businesses to set-up in Jersey, and tax policy enhancements.

Gorst said the "financial world is changing rapidly and it is essential that Jersey changes with it".

Gorst warned in July that the island's finance sector would decline if it did not become more competitive.

The government said the Competitiveness Programme was a joint project with Jersey Finance, the Jersey Financial Services Commission and industry partners.

It said it was an attempt to find new ways to strengthen and grow the sector during the next decade.

The government said some of the initiatives implemented were recommended in a review of Jersey's financial services industry by global consultancy firm McKinsey.

Gorst said "with so much change and innovation in the industry across the globe, it is no longer a privilege for financial services businesses to operate in Jersey".

"It is now Jersey's privilege to serve them.

"So we must ensure that everyone from government to Jersey Finance Limited, the regulator and industry are all pulling together to give businesses a reason to choose Jersey.

"I am confident that the Competitiveness Programme will do just that," he said.

The government said key initiatives included:

• Developing plans to bring together a core team of officers to monitor global market trends and ensure any policy changes required are done quickly to put the island on the front foot

• Developing proposals for a new concierge service to make it easier for new businesses to set up in Jersey

• Strengthening the island's targeted international engagement programme to reinforce Jersey's presence in key markets

• Conducting a 12-week review of the Jersey Financial Services Commission's enabling law and memorandum of understanding to clarify Jersey's risk appetite for emerging sectors such digital assets

• Advancing tax policy enhancements, including updates to incentives and a review of personal income tax residence rules