Guernsey's Ministry of Finance published a speech by Deputy Andrew Niles, Vice-President of the Committee for Economic Development, setting out the emerging strategy to drive growth in the island’s financial sector over the next decade. The update follows a joint commission by government, the Commission, Guernsey Finance and the Guernsey International Business Association of an Oliver Wyman review intended to define a clear growth agenda for Guernsey’s largest sector. The speech frames the work as a response to slowing relative momentum and intensifying competition among international financial centres, noting that financial services account for 40% of Guernsey’s gross domestic product and directly employ nearly one in five of the working population. It describes the Oliver Wyman assessment as the most comprehensive in a generation, including 14 roundtables, interviews and benchmarking against peer jurisdictions, and highlights six focus areas: refocusing regulation through a competitive lens, moving up the value chain to capture market share, expanding propositions into fast-growing opportunities, mobilising private sector investment for innovation, redefining Guernsey’s value proposition globally, and developing a plan to address structural constraints on growth. A public-facing summary of the recommendations and initiatives is due in March, alongside “clear goals and ambitions” for growth, after which the emphasis will move to implementation across government, regulators, Guernsey Finance and industry.

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