Government Introduces Measures to Boost Financial Competitiveness

Jersey Sets Out New Measures to Sharpen Its Global Financial Edge

The Government of Jersey has unveiled a package of measures intended to reinforce the island’s status as a leading player in international finance.

According to Deputy Ian Gorst, Minister for External Relations and Financial Services, the industry remains central to Jersey’s economy, contributing around £3bn annually, supporting 14,000 jobs, and accounting for roughly 40% of the island’s tax income.

The newly launched Competitiveness Programme brings together a series of initiatives, including closer monitoring of global financial trends, the creation of a concierge-style service to ease the process for firms looking to establish operations in Jersey, and a raft of updates to the island’s tax policy.

Gorst highlighted the speed at which global finance is evolving, stressing that Jersey must remain agile: “The financial world is changing rapidly and it is essential that Jersey changes with it.”

He previously cautioned in July that the island risked losing ground if it failed to keep pace with growing international competition.

Developed in partnership with Jersey Finance, the Jersey Financial Services Commission, and industry representatives, the programme is designed to identify new ways to support and expand the sector over the next decade. Several of the measures stem from recommendations in a recent McKinsey review of Jersey’s financial services landscape.

“With so much change and innovation in the industry across the globe, it is no longer a privilege for financial services businesses to operate in Jersey,” Gorst said. “It is now Jersey’s privilege to serve them. That means government, Jersey Finance Limited, the regulator and industry must work together to ensure businesses have compelling reasons to choose the island.”

Key elements of the Competitiveness Programme include:

Establishing a dedicated team to track global market developments and rapidly implement policy adjustments to keep Jersey competitive

Creating a new concierge service to support companies looking to set up on the island

Expanding Jersey’s targeted international engagement to bolster its profile in priority markets

Launching a 12-week review of the Financial Services Commission’s enabling law and memorandum of understanding to clarify the island’s risk appetite in emerging areas such as digital assets.

Progressing tax reforms, including updated incentives and a review of personal income tax residence rules