White Paper Sounds a Positive Note

February 6, 2017

The White Paper published last week by the UK Government includes some encouraging pointers for the Brexit negotiations that are to come and the position of the Crown Dependencies.

In particular the fact that the Secretary of State for Exiting the EU, David Davis, MP, when presenting the White Paper to Parliament, indicated that the interests of the Crown Dependencies are to be taken into account in the negotiations was welcome confirmation that the UK appreciate our unique constitutional position. It was further encouraging to note the commitment from UK ministers to meet with our ministers regularly in the months to come.

Whilst no one can safely predict the final outcome of the Brexit negotiations, Jersey’s finance industry remains well positioned and we have reason to be confident about our future prospects. We are of course already outside of the EU and retain market access into Member States for our financial services as a result of directly negotiated agreements, including the National Private Placement Regimes for the funds sector. The decision to exit Europe also has no effect whatsoever on our constitutional relationship with the UK and we will continue to work closely with the City of London, which remains our most important partner in financial services.

While there is inevitably some uncertainty as the EU and UK get ready to grapple with the tough negotiations that lie ahead, from our perspective, Jersey’s stability, when coupled with its robust regulatory regime and strong rule of law, are features that are likely to appear increasingly attractive to investors. At present, and despite  the uncertainties surrounding Brexit, we are continuing to record increasing flows of business in private wealth, funds and capital markets and there exists a general flight to quality, a trend where we have consistently benefited.

We will continue to support our Government in its efforts to consult fully with Westminster in the process and for our part, we are continuing to engage with stakeholders and gatekeepers in our key markets to bring clarity about the position of Jersey and the enduring appeal of our offering in a post Brexit world.