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Jersey Finance Industry Increasingly Optimistic

by Jason Gorringe, Lowtax.net, London
10 July, 2015

The outlook for the Jersey financial services industry remains positive, according to a recent survey by the States of Jersey Statistics Unit.

The majority of indicators for the finance industry in the survey were the same or similar to the previous quarter and eight of the ten indicators were positive.

There was an improvement in the Future Employment indicator, with 49 percent of companies in the sector anticipating increased employment by December 2015, compared with levels a year earlier. The accountancy and legal sub-sectors were the most positive.

The longer-term outlook for profits was also positive, with 45 percent of companies in the finance sector anticipating increased profits in 2015 compared with 2014. The legal and fund management sub-sectors were the most positive.

A third of Jersey firms felt that the region with the greatest potential for developing key business referrers in 2015 is Asia. The biggest issue for Jersey's business environment is external financial regulations, they said.

Geoff Cook, CEO of Jersey Finance, said: "It's always difficult to draw too many conclusions from a three month period alone, but the fact that attitudes within the industry are consistent on last quarter reflect a welcome degree of stability."

"The fact that longer term projections relating to employment and profits are positive too is also extremely encouraging, particularly off the back of the recent Survey of Financial Institutions which revealed a jump in profits for the industry overall in 2014 and genuine optimism regarding employment opportunities. The general upward trend for activity across all sectors of the economy is clearly pleasing too."

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