Jersey is confident that BREXIT will not affect its financial centre status
28 April, 2017
As the UK is expected to leave the European Union in 2019, financial business is very cautious which will certainly affect Jersey (as the UK is its largest trading partner in terms of financial services).
Prominent figures have raised concerns of BREXIT, but the majority of experts and analysts confirm that Jersey will remain stable and continue to play important role in the financial business in both UK and EU.
As Geoff Cook, CEO of Jersey Finance, recently said: "There is clearly uncertainty about the outcome of the Brexit negotiations, and what the relationship between the UK and EU will look like in two years' time, but for Jersey's financial services industry, trade with the EU and UK is governed by bilateral agreements which are unaffected by Brexit. Our access to European markets continues under the same terms, and we continue to be a conduit for investment into the UK and EU."
In order to brave the storm that is BREXIT, the Government of Jersey is aiming to spend the equivalent of a million Euro in research and strategic review of the implications. This review is expected to cover the potential advantages and disadvantages arising from BREXIT, as well as means of growth. The Government is fully committed to secure success of the channel island and increase competitiveness even further, where available.
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