The findings of a major research project focused on Jersey’s global economic footprint were presented to Members of Parliament at a special reception on Wednesday 20th July in the House of Commons.
The reception, hosted by Jersey Finance, provided an opportunity for Parliamentarians and special guests to hear more about the value Jersey’s financial services industry adds to global economies, based on the conclusions of the Jersey Finance-commissioned ‘Jersey’s Contribution to Global Value Chains’ report.
Against the backdrop of the 60th anniversary of Jersey’s international financial services industry last year, the event also acted as a forum to discuss how globalisation is evolving and impacting cross-border financial flows.
Speaking at the event, Joe Moynihan, CEO, Jersey Finance, outlined the strong ties between Jersey and the UK, and Jersey’s instrumental role in supporting the UK’s prosperity and global ambition. He also highlighted the key findings from the report, undertaken by independent economics consultancy the Centre for Economics and Business Research (Cebr), including:
- that £1.4 trillion of capital is intermediated in Jersey each year on average
- that activity through Jersey supports £170.3 billion of global economic output and 5.1 million jobs worldwide
Deputy Ian Gorst, Jersey’s Minister for Treasury and Resources, also spoke at the event, pointing to the role Jersey can play in supporting the UK’s new trading relationships overseas, whilst Deputy Philip Ozouf, Minister for External Relations, also attended. Dr Alan Whitehead, Member of Parliament for Southampton, Test, and Co-chair of the Channel Islands All-Party Parliamentary Group, welcomed attendees, followed by Daniel Kawczynski, Member of Parliament for Shrewsbury and Atcham.
Commenting on the event, Joe Moynihan said: “For a jurisdiction of its size, the value Jersey adds globally to economies is impressive and this forum gave us a fantastic platform the get that message across to a key audience of policy makers and showcase Jersey’s role as a crucial economic conduit.
“Our Global Value Chains report demonstrates how strong the ties between Jersey and the UK truly are and provides evidence of Jersey’s significant contribution to the UK and that was appreciated by attendees. In addition, though, the report also emphasizes the global capabilities Jersey has as a secure and stable centre for mobilizing capital and that message was received extremely well in the context of a globally-focused post-Brexit Britain and in light of the ongoing instability in Europe and further afield.”