Jersey Finance has launched new research to an audience of business leaders and politicians in London this week, which found that Jersey’s finance industry facilitates almost €190bn of foreign investment into the EU (excluding the UK), supporting in the order of 88,000 jobs across those EU member states.
The Jersey Finance-commissioned research, entitled Jersey’s Value to Europe, was published by Capital Economics and launched at an event held in the UK Parliament building today (19 October). It was attended by senior business leaders, politicians, civil servants, academics and think-tank representatives.
Presented by Jersey Finance CEO Geoff Cook, the event also included Mark Pragnell, Capital Economics, and Assistant Chief Minister Senator Philip Ozouf.
Meanwhile, a separate report from Capital Economics – Jersey’s Value to Britain – also launched today. It builds on previous research undertaken in 2013 to outline the current value of Jersey to the UK.
The two new reports are aimed at providing a comprehensive and up-to-date assessment of the impact of Jersey’s finance industry to the UK and the rest of the EU. Key points from the reports include:
• Jersey is a conduit for €188bn of foreign investment into the European Union (excluding the UK), which is equivalent to four per cent of the bloc’s total net international investment and supports in the order of 88,000 European jobs
• Around one third of all fund assets administered and managed in Jersey are located in EU countries other than the UK
• Jersey is estimated to be a conduit for almost £500bn of foreign investment into the UK, equivalent to five per cent of the total stock of foreign owned assets in the country
• Jersey supports an estimated 250,000 British jobs, of which 190,000 are from foreign investment alone, and adds £14bn to the UK economy
• Jersey banks upstream £89bn of deposits to UK banks, providing 1.5 per cent of the funding of the whole UK banking sector
The research also emphasises that, whilst the UK and the EU are core markets for Jersey, a focus on global markets is vital for Jersey’s future success. It found that, globally, cross-border lending and borrowing by banks has risen from just over US$1 trillion in 1980 to US$25 trillion in 2015.
Against that backdrop, Jersey is now the custodian of €1.7 trillion of wealth in its banks, trust companies, corporate structures and fund vehicles, with around two-fifths (37 per cent) originating from investors outside of Europe.
To view Jersey’s Value to Britain click here
To view Jersey’s Value to Europe click here
Pictured l-r: John Willman, editorial consultant (moderator), Senator Philip Ozouf, Assistant Chief Minister, Government of Jersey, Mark Pragnell, Head of Commissioned Projects at Capital Economics, and Geoff Cook, CEO, Jersey Finance