Government CEO: Jersey can be 'a safe haven'

Dr Andrew McLaughlin, the CEO of Jersey's government, said the island could be a "safe haven in a scary world"

The CEO of Jersey's government has said Jersey could be "a safe haven in a scary world" for investors and businesses.

Dr Andrew McLaughlin said it was worth pondering whether Jersey's "historic business model" of "low and simple tax, political stability and strong public finances" could regain usefulness among current global trends.

However, he warned that if Jersey "over regulates and under invests" it would be less attractive.

He was addressing more than 200 business leaders as well as politicians and charities at a lunch held by Jersey's Chamber of Commerce.

'Felt uncomfortable'

Dr McLaughlin said: "It's worth pondering more than we have whether this scary world is one in which Jersey's historic business model may regain usefulness and relevance.

"When countries, people, capital and trade are severely disrupted by world events people tend to look for safe havens.

"They look for places they can trust where they can keep their capital safe. "

However, he also warned about the dangers of too much regulation.

"Are we over-regulating and under-investing?" he said.

Becky Sherrington warned of the dangers of unregulated health care on the island

Dr McLaughlin's speech was challenged by Becky Sherrington, the Chief Inspector of the Jersey Care Commission which regulates care on the island.

Ms Sherrington said: "We have a history of things going very wrong on this small island without transparency.

"We have all felt uncomfortable about the challenges facing unregulated healthcare on the island over the past few months.

"We have had radiology, rheumatology, maternity... to name but a few.

"These have all resulted in hugely costly one-off reports and multi-million-pound insurance claims."