Categories for GIBA Media Statements
Statement from Guernsey International Business Association on the Government Workplan
16th October 2023
Paul Sykes, Chair of the Guernsey International Business Association (GIBA) says:
‘Ahead of the States debate of the Government Workplan, GIBA recognises that skills, participation in work and fostering entrepreneurial growth and innovation are all important factors in ensuring Guernsey is an attractive place to do business and in the island’s economic and social prosperity.
Affordable housing remains a critical issue for the finance sector. The costs and availability of housing play a significant role in recruiting and retaining staff; the ability to attract and retain staff with the right skills is a crucial factor in the island’s competitiveness and the health of Guernsey’s economy.
To ensure Guernsey’s future prosperity we must prioritise investment and growth. The continuation of government funding for Guernsey Finance must be part of the island’s economic development strategy.
The finance sector remains the island’s biggest single driver of GDP, and Guernsey has a lot to offer as a jurisdiction, but it is competing in an extremely crowded marketplace against very well-resourced competitors.
Decisiveness and a clear strategic direction are essential to give businesses the foundations and confidence needed to invest in the island’s future. We look forward to a positive conclusion from this week’s debate.’
GIBA Statement on Electricity Strategy Debate
GIBA understands the urgency for the States of Guernsey to act decisively in the matter of the island’s electricity strategy, which is critical to the long-term economic wellbeing of Guernsey, including the financial services industry, the backbone of our economy. GIBA understands that Deputies should also be mindful of affordability, security and evolving trends in sustainable and responsible energy measures and will seek to factor these in proportionately to their decision-making in order to retain Guernsey’s credibility on a wider global stage.
Guernsey International Business Association (GIBA) welcomes the States of Guernsey’s action plan on housing
The Guernsey International Business Association (GIBA) welcomes the recently announced housing action plan issued by the Committee for Environment & Infrastructure following the review of Guernsey’s housing market by independent experts, Arc4.
The association notes the plan aims to provide all people living in Guernsey access to a range of good quality housing that is affordable, secure, energy-efficient and adequate for their needs.
GIBA recently conducted its own housing survey, focused on the financial services sector. It revealed that there are currently between 500 to 600 job vacancies Guernsey’s finance sector and an associated requirement for housing and accommodation. The survey identified that finance sector demand focused on one to two bedrooms dwellings; with a third less demand for three-plus bedroom houses. Over 95% of the required units of accommodation would be rented.
The survey further revealed a number of recurring themes. For example, firms referred to the costs and availability of housing as significant issues when it came to recruiting and retaining staff with several firms indicating that this was one of the main reasons staff had left the island and relocated elsewhere.
The ability to attract and retain staff with the right skills, is a critical factor in the island’s competitiveness and the health of Guernsey’s economy. The finance sector employs around 20% of Guernsey’s working population but generates nearly 40% of the island’s GDP.
It is GIBA’s belief that urgent change is needed and GIBA is pleased to see the plan sets out a clear timeline and prioritised actions; the plan is a positive step forward.
GIBA welcomes the news that economic growth and competitiveness is named as a strategic portfolio in the latest Government Workplan.
Paul Sykes, Chair of the Guernsey International Business Association (GIBA) says: ‘GIBA welcomes the news that economic growth and competitiveness is named as a strategic portfolio in the latest Government Workplan. Digital connectivity, skills, transport, entrepreneurial growth and innovation are all critical factors in ensuring Guernsey is an attractive place to do business.
‘The finance sector remains the island’s biggest single driver of GDP, and Guernsey has a lot to offer as a jurisdiction but it is competing in an extremely crowded marketplace against very well-resourced competitors.
‘We also note the acknowledgement of external pressures such as anti-money laundering, combatting the financing of terrorism and economic substance requirements in the Government Workplan.
‘To ensure our jurisdiction’s future prosperity we must prioritise investment and growth. GIBA believes that the continuation of funding for Guernsey Finance is a key part of that strategy.’
The Guernsey international Business Association responds to the States of Guernsey announcement on the OECD’s Pillar Two Framework
GIBA welcomes the news that Guernsey is aligned with Jersey and Isle of Man with a collective approach to the OECD’s Pillar Two Framework and current BEPS workstream.
Guernsey must remain competitive whilst staying abreast of evolving global taxation standards in tax. This latest step is a continuation of the island’s high standards of tax transparency, reinforcing the island’s reputation for stability and security.
As other countries continue to develop their own position on these global initiatives remaining in lockstep with the other Crown Dependencies on such matters should be encouraged, alongside careful monitoring and adjustments.
