Members of the Committee for Economic Development have decided not to pursue the creation by the States of an International University in Guernsey.
The previous Committee established a University Working Party and commissioned Oxentia, a global innovation consultancy with links to Oxford University that specialises in the higher education sector, to carry out a feasibility study to determine whether developing an International University in Guernsey was feasible and to identify the potential costs and benefits of the project. After careful consideration of the university feasibility report, members of the Committee for Economic Development decided that there was no case to take the project forward.
Although the report identified potential economic benefits the project would also require considerable capital investment from the States of Guernsey, that risk sitting squarely in the lap of the Guernsey taxpayer. The Committee is not in the business of gambling with tax payers’ money. The project has not been identified as a priority by the Assembly in the Government Work Plan.
The report explains that it ‘will require long term and steadfast commitment from the States of Guernsey if it is to be successful. Investment of c. £30m is the approximate anticipated requirement over 10 years, in addition to £0.75m – £2.25m for pre-launch activities. Furthermore, an initial estimated £100m may be required for repurposing and construction of facilities and accommodation.’
Preliminary financial analysis indicates that, based on the preferred model, it may become financially self-sustaining in Year 8 of operation. It was estimated that a university has the potential to deliver £35m of GVA by Year 10, as well as providing significant benefits to on-island businesses via access to high-calibre students, graduates and researchers. Guernsey’s people stand to benefit from access to improved infrastructures, and to social, cultural and educational facilities
Having carefully considered the report’s findings, and in line with the President’s recommendation, Members of the Committee for Economic Development unanimously agreed that the University Feasibility Report should be published and the report is now publicly available here.
Deputy Neil Inder, President of the Committee for Economic Development said: “The Committee for Economic Development has carefully considered the feasibility report into an International University of Guernsey. However, the Committee has concluded that due to the considerable capital investment that would be required by the States of Guernsey to take this project forward, it is not possible to progress this project at the current time.”
