Press Release from Guernsey Finance, Monday 13 May, 2024.
Guernsey Finance has opened an office in central London to facilitate the work it does promoting and connecting the island’s finance services sector to key markets.
The office in Petty France, close to Westminster, will provide the Guernsey Finance team with a base during the UK’s General Election year. This proximity will help to ensure that the voice and contribution made by Guernsey to the UK economy is recognised in this important market.
The decision to open an office was made following a lengthy consultation with industry stakeholders and will be used by the Guernsey Finance team to facilitate its busy schedule of meetings.
The move follows Guernsey Finance’s recent Frontier Economics Report titled “The Value of Guernsey’s Financial Services Industry to the UK Economy.”
Guernsey channels £57 billion of international capital investment from around the world into the UK. UK fund managers generate £2 billion of fees annually from Guernsey-based funds which drives additional tax revenue for the UK of around £7 billion per annum, as well as a social value of approximately £3-4 billion every year for the UK.
The report also highlighted that UK FTSE 100 companies may collectively save almost £100 million per year by using Guernsey captive insurance structures.
“During a general election year, we are determined that Guernsey’s role in UK economy is well understood. Guernsey is a proud member of the British family, and having a presence in London provides Guernsey with substance and will help to facilitate the work we have planned for the next 12 months,” explained Rupert Pleasant, CEO of Guernsey Finance.
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