Guernsey is playing an important role in helping the financial services sector in London and the wider UK to prepare the industry to thrive once Britain leaves the European Union, an audience of professionals from the Crown Dependency have heard.
Miles Celic, chief executive of London promotional body - TheCityUK - which has been working with Guernsey through a relationship with Guernsey Finance for the past year, told an audience of more than 350 at the promotional agency’s annual update last week (24/01/2018) that the island’s longstanding position as a ‘third country’ to the EU "offered valuable insight for the industry in the UK."
Mr Celic, whose organisation represents UK-based financial and related professional services, said: “The lesson we are having to relearn is that we want to continue to have the relationship outside of the EU in the same way we did before we joined the Common Market in 1973."
“That’s something Guernsey has been successful in doing throughout its history. I am particularly pleased that as we developed our proposals around the future of regulation and the future shape of the relationship between UK and EU, we’ve had ability to get feedback and input from Guernsey Finance and its members to help deliver that."
Mr Cedric added that the UK would be looking at Guernsey for how it builds its specialisms, develop those specialisms, and centres of excellence, and use those to "maintain international competitiveness."
Mr Celic said he recognised Guernsey’s longstanding reputation for being "nimble and responsive" in being able to identify and act on opportunities to develop its own finance industry over the past 50 years.
He admitted it was currently unclear how Guernsey should best position itself to continue to do business with the UK post-Brexit, but was clear that the island was "part of the British financial family."