This year has been one of change, and by its close more than 40% of the global population, which contributes to more than 50% of the global gross domestic product, will have voted in a national election. To some, this situation has created a feeling of uncertainty, but change is not all together a bad thing, it creates new opportunities and being positioned correctly can facilitate expansion and growth.
At first glance, Guernsey appears to be a distant territory to those residing in the North of England. Although some are aware of its geographic location, most are not informed of the services this 800-year-old Crown Dependency can offer them and their businesses. Post-Covid, connectivity and most importantly requirements for travel, has meant many have taken a second look at what is offer in the United Kingdom. Guernsey can be reached via air links in Manchester, Liverpool, Birmingham and the East Midlands, and national law and accountancy firms, who have London offices, understand the value Guernsey offers in the private wealth, investment funds and insurance sectors. This information is being communicated to the regions outside of the capital, which has largely been the focus of my role at Guernsey Finance since I joined in June.
With the emergence and growth of Manchester not only as a Northern powerhouse but a European and world player, specifically in the property and technology sectors, there is great potential for Guernsey businesses to collaborate with the North West. Many are looking at how they can gain a foothold in the region.
The growth in the technology sector is one of the key reasons for the spectacular change in the Manchester skyline as these young tech entrepreneurs demand more and bigger spaces to live and work in. According to MIDAS, Greater Manchester's inward investment promotion agency, the city is home to 10,000 digital and tech businesses and a £5bn digital ecosystem from start-ups to SMEs to global brands including Amazon, Google, PwC, TalkTalk Group, NCC Group Plc, Booking.com, The Hut Group and Microsoft, making it officially the UK’s Top Digital Tech City. With a GVA of £78.7bn, Manchester is the largest region economy outside the capital and the city also ranks highly in the FDI Intelligence European Cities and Regions of the Future 2024 report. It’s therefore no surprise Manchester is an attractive option for investment with the city being named as the Top UK City for Direct Foreign Investment in the 2024 FDI report.
As detailed in a Frontier Economics Report published earlier this year, Guernsey continues to be seen as a stable, innovative and supportive jurisdiction for clients, with the island also providing steady investment inflows into the UK worth £57bn. With the new government’s emphasis on infrastructure funding, transition to net zero and investment in building, many opportunities will present themselves to Guernsey’s financial services providers. Guernsey, as a leading centre for sustainable finance, can support the UK and North West’s sustainability objectives.
Post-election, there is in the North West an increased feeling of optimism provided by the growing economy and lower interest rates. It is hoped this will lead to greater stability, financial security and increased investment. Guernsey can benefit from this climate; my job is to facilitate business introductions and opportunities for those who want to expand into the region during this new dawn.
Guernsey Finance’s first roadshow in the region is scheduled for the second week in October. Led by James Crawford, International Business Director and myself, in my capacity as the newly appointed North of England Representative, a delegation will be immersed in a three-day mission of introductions and meetings hopefully leading to greater understanding and new partnerships.
If you’re interested in learning more about how Guernsey can work with the north of England, please contact me on [email protected]
