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Survey shows continued healthy outlook for Jersey’s finance sector

01 July 2008

The Economic Development Minister, Senator Philip Ozouf, has welcomed the results of the Survey of Financial Institutions 2007 published today by the States of Jersey Statistics Unit.

Senator Ozouf commented that: ‘The finance sector accounts for over half of our economy and directly employs more than 13,000 people. It is positive to be able to report that total profits in the sector for 2007 were 12 per cent up on 2006. Even more noteworthy is that, not withstanding the impact of the credit crunch, three-quarters of firms expect profits to increase again this year.

‘A successful and profitable finance sector is essential to the well-being of the Island. Corporate tax revenues significantly help to pay for our high quality essential health and education services. The sector provides directly and indirectly many well-paid jobs for Islanders and, importantly, for our young people, with 230 local staff recruited from schools and universities in 2007. The report also reveals that over £300million is paid by the sector on goods and services within the local economy. The benefits that are derived from corporate and indirect tax yield, the jobs created and the overall contribution to the economy means all Islanders share in the success of finance.’

Senator Ozouf concluded with some words of caution. ‘While welcoming the positive outlook, we cannot afford to be complacent. While we are working hard to diversify the mix of products on offer and seeking to stretch the geographical reach of the industry, we cannot be insulated completely from the credit crunch. The consequences of a changing economic outlook are now becoming apparent. However, we can be confident that with the efforts being made, the sector is well placed to deal with the challenges that lie ahead. We have a strong reputation, sound regulation and world-class people, and our public finances and reserves are in excellent shape – we are in a very strong position compared to other locations. I take this opportunity to recognise the success that has been achieved.’

A summary of the results of the Survey of Financial Institutions 2007 can be found at http://www.gov.je/statistics

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