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BREXIT result statement by Chamber President Martyn Dorey

Brexit

The ‘Brexit’ question has just been answered with a surprising ‘out’ vote. The markets have reacted swiftly to this news, with a sharp devaluation of Sterling and volatility in the UK, European and Asian stockmarkets. As a third country (neither part of the UK nor part of the EU), Guernsey is developing a plan to replace its Protocol 3 trading relationship with the UK. The Channel Islands will also need to work closely with the UK government to ensure that everyone’s interests are aligned and protected in negotiations with Europe. There are opportunities for small, agile communities to succeed in the resulting variations of political, economic and social union. Guernsey should capitalise on its strong links with the Commonwealth countries and promote its independence, impartiality and substance as an offshore jurisdiction.

Guernsey’s unique position

There was speculation in the media as to whether the UK would undergo a ‘Guernsification’ if the UK voted to leave the EU. Guernsey is a unique island -the size of a small market town, yet a robust economy, with one of the highest rates of GDP per capita and one of the lowest rates of unemployment in Europe. It is small, adaptive to change, and historically this has helped the island reinvent itself several times from a centre for privateering, to a centre of horticulture to a centre of finance. Guernsey has an abundance of talented individuals who have the ability to build businesses that can be exported around the world. As the financial crisis in 2008 suggested, it is not necessarily the largest that survive, but those who have the ability to adapt to change the fastest.

 

 

 

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