Economy lucky to withstand crisis

Guernsey has been very lucky to withstand the economic crisis, according to a tax expert.

Tony Mancini, a tax partner at the accountants KPMG, said the Bailiwick is in a fortunate position.

He said: "There have been a few people that have lost jobs, there have been some businesses closed down.

"Some financial centres, Dublin for example, has been devastated, so compared to those we're been very lucky."

Mr Mancini added: "We have been affected but not to the same extent as an awful lot of other places."

Julian Winser, the chief executive of Schroeders, believes the variety of the industry in Guernsey has helped it weather the storm.

He said: "I think Guernsey has a hugely diversified industry and has survived for many, many years doing what it does."

Mr Winser said there was a tendency to look inwards when pressure was put on the industry, but "if you stand up and look outside it is far worse than it is here".