A delegation from Guernsey Finance will attend this year’s Labour Party and Conservative Party conferences to highlight the value of Guernsey’s financial services sector to the UK economy.
As Guernsey’s contribution to the UK economy grows, party conference season offers the opportunity to make UK policy makers aware of the pivotal role Guernsey has in supporting the City of London as well as the wider nations and regions of the UK.
A report carried out by Frontier Economics, commissioned by Guernsey Finance in 2024, highlights that Guernsey-based funds currently channels assets worth £57bn in the UK, supporting significant investment into the UK economy. If these funds had been domiciled elsewhere, some £13bn of investments will not have reached the UK, clearly demonstrating the symbiotic relationship between Guernsey and the UK.
The importance of attracting more foreign direct investment (FDI) into the UK is widely recognised and UK Chancellor of the Exchequer Rachel Reeves has signaled that growing the economy is a key aim for the new government. Recent analysis has shown that investment into the UK’s finance sector halved in 2023, whilst FDI from Guernsey has increased in the same period.
“Attending the party conferences offers a great opportunity for us as an island and as an international finance centre to deliver a strong message to the new government, and some of the 335 new MPs, of the material value that Guernsey provides to all four nations of the UK.
“As a Crown Dependency, we are very proud to be part of the British family as well as a significant net contributor to the UK’s economy,’ said Guernsey Finance Chief Executive Rupert Pleasant.
“This presents a hugely valuable experience to become immersed in the current debates and the chance to meet a wide variety of people from across the political spectrum and of course to promote Guernsey as an international finance centre in one of our most key markets.”
