'Positive' banking future ahead

Lord Hunt said Guernsey's banking success came down to reputation

The future of Guernsey's banking industry looks positive as long as the island does not become complacent, a review by Lord Hunt of Wirral has said.

That is the key message among 18 recommendations made in the review to ensure the industry continues to grow.

The recommendations include reviewing the housing licence system and ways of attracting more skilled labour.

Lord Hunt said that, ultimately, Guernsey's banking success came down to reputation.

He said: "The government has to continue this hard-won reputation for excellence and all the time build on new ideas.

"They have to make sure there are no artificial barriers to growth and to encourage a high level of skills."

Guernsey has to continue to be dynamic and work hard to maintain competitive advantages in an international arena Carla McNulty Bauer Commerce minister

The commerce and employment department commissioned Lord Hunt to carry out the review of the sector.

Commerce and Employment Minister Carla McNulty Bauer said: "Many of the proposals are already being addressed. I look forward to continuing to focus our collective attention on the areas highlighted in the report so that Guernsey continues to have a banking sector with an enviable reputation."

She added: "Guernsey has to continue to be dynamic and work hard to maintain competitive advantages in an international arena. This will be a collaborative effort by the public and private sector."

Lord Hunt said: "When you look at the reason for Guernsey's success it's built on recognising the value of the entrepreneur, the person who creates opportunities and jobs.

"I think looking to the future I have every confidence that that same innovation will carry Guernsey through into the next stage as we see the diversification of what has been a remarkably successful sector, which can set an example to other parts of the economy."