Strategy predicts steady growth of finance sector

Up to £25m extra annual revenue will be generated for Guernsey's government by 2030 through steady growth in the financial sector, a strategy predicts.

The States of Guernsey have outlined plans to strengthen the island's position as a leading international finance centre over the next decade.

Its Finance Sector Strategy 2035, developed over the past six months in partnership with government, industry and independent consultants, sets out six pillars for Guernsey's financial services industries.

It also identifies targeted growth opportunities in areas such as infrastructure investment, defence-related finance, digitisation and innovation.

Speaking at the launch of the strategy, Deputy Andrew Niles, vice president of the committee for economic development, said the strategy was commissioned at the start of the political term in response to relatively modest recent growth and mounting structural pressures.

"Guernsey has a strong and resilient finance industry, but we operate in an increasingly competitive global market," said Niles.

"This strategy is about ensuring we not only remain robust, but that we grow, and that we clearly articulate our place in the world."

William Mason, director general of the Guernsey Financial Services Commission, highlighted the island's push into digital finance as an early example of momentum, with growing interest from firms exploring blockchain and AI-enabled services.

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