Blog News

Upto date news and speeches

Day 28 : Jersey has a prosperous future in the post-Brexit world

  Update 22 July 2016 A week is a long time in politics; the last four weeks have changed the landscape politically, economically and constitutionally. It would normally take a decade to create so many shifts. Some have described it as the political earthquake, and if that earthquake has an epicentre, it is BREXIT. When it became clear in the early hours of the morning on the 24th June that the voters of the United Kingdom would vote to leave the European Union, this was not the result that most people unexpected. It seemed that most governments around the world, including dare I say it, the United Kingdom, had not even contemplated a BREXIT decision. Hindsight is always a great thing and today people will often say that of course they knew, but the wise words of one of our highly respected members of the Fiscal Policy Panel sums the situation up well – “nobody has evidence of the future” However, it is important that even without evidence of the future, that there is always cool, levelheaded realistic assessment of risk. At the end of the day, most opinion polls were narrow enough to have at least considered an exit result as an option. And government should always have ad two plans – a plan for remaining and a plan for exit. In Jersey, we are more cautious than some places, because our size and constitutional nature means we must take care to protect ourselves against the radical shifts of external markets. 18 MONTHS OF PREPARATION  That is why, 18 months prior to the BREXIT Referendum, we set up...

Coding for the future

Coding: delivering Jersey’s digital future  This week, I was delighted to speak at the Digital Jersey coding course graduation. As well as the graduating students, there were a number of businesses from Jersey’s growing technology cluster, many of whom are now taking on thoe leaving the course with technology skills that make them stand out in the job market. Whether it’s technology companies developing FinTech and MedTech solutions or those from other industries who are digitising their companies, it’s clear that industry is crying out for digital skills.   The team at Digital Jersey have shown great leadership in providing the course, especially alongside mentors Tom Luce, Matt Chatterley and Rob Dudley who have made the course possible through their time and expertise. Digital Jersey does not exist in a bubble, it rightly relies on the human resources we have on island.   During the evening, we were treated to presentations by the graduates who were showing us what projects they had been working on. Among them were software projects to help keep your keys safe and to manage property assets for a family business. These are not simply nice hobbies to do in your spare time, but are giving islanders real skills that provide real value to businesses and people in Jersey.   I’m delighted that the success of the course has already spread. For next year’s course, we have over four applicants for every place, which shows the demand from islanders. The successful applicants will be able to take part in the course for free, spending two evenings a week in the Hub at Digital Jersey for...

Reflections on the UK’s Referendum on EU membership – BREXIT Day 1 Over the last 18 months the Chief Minister’s and External Relations have worked hard on preparing for the outcome of the United Kingdom’s decision on the EU referendum. The island was prepared for either our come. At dawn, the Jersey team actioned the start of the carefully researched plan which was prepared in the event of an exit vote. Whilst other ministers have their important roles to discharge, my political responsibility is to do whatever is necessary to protect and promote the interests of the finance and digital services sectors. I write this blog in that capacity. I thought it would be helpful to set out in more detailed words my reflections on today’s vote, particularly for the finance and digital sectors. As appropriate, I will continue to set out my thoughts in the important days and weeks ahead. Our diversified financial services base As a result of our long-term planning ahead of the EU referendum, we are extremely well prepared to maintain our stable public finances, international ties and economic growth amid the UK’s withdrawal. It is important to remember that Jersey is an International Finance Centre, three quarters of whose wealth comes from outside the UK. Work in recent years has demonstrated the diversified client base in financial services markets, particularly in new markets such as the Middle East, Africa and Asia. Our diverse base of underlying business is therefore not directly affected by Brexit. We are very well and uniquely placed to navigate our way through what is going to be a period of adjustment for the UK where there will be the need to build and develop new relationships. Jersey is and will remain a third country to Europe Institutional investors place confidence in Jersey structures to distribute capital around the world. Jersey has always been a third country to the EU for the purposes of financial services and this will remain following the withdrawal of the UK from its structures. Jersey’s agreements to market access for financial services have been built up over numerous years, and those agreements will remain post-BREXIT. It was testament to our world-class regulatory environment that we were shortlisted of four jurisdictions for AIFMD passporting, giving island firms access to European markets. We need to work to maintain this. The fact that we already secured a third country access to Europe allows certainty to be provided – our position is the same today as it was yesterday morning and will remain so. Certainty is a valuable commodity and it stands us in good stead in the coming years. As of tonight, relationship with the EU and the UK is therefore business as usual. Jersey’s stability regardless of market fluctuations in the short term Fluctuations in the markets were to be expected given the vote for Brexit. However, we have already seen the markets beginning to stabilise. Markets have stabilised and the stock market ended today down 2%,Mim told much less than the bold assertions of commentators. Obviously things can change but that is the situation as of tonight. The notice of resignation by the Prime Minister with a new leader coming into place to lead the renegotiation and withdrawal the UK from the EU will provide some stability to the UK market. Over time, history tells us markets tend to rebalance. The Governor of the Bank of England issued a statement this morning on the stability of the UK economy and liquidity of UK banks. Jersey’s role as a significant source of liquidity is beneficial to the aims of the Bank of England in this regard and indicates we will be as important, if not more so, to the UK in the future. Jersey’s financial services industry has adapted to significant changes over recent years. After having been through the worst financial crisis since the Second World War we have shown our resilience. We are adaptable and retain the excellent financial stability to deal with any change. Our legislation to enact innovative sound virtual currency legislation earlier this week, will allow good businesses to operate in Jersey. This has garnered international attention, helping companies to set up and find customers. There will be much of this activity to come to promote jobs and growth.m Turning back to finance, we have returned to almost record numbers in employment as islanders have been retrained and moved into new areas of work. Our growth figures from last year of 5% are comparable to those of a tiger economy and show that we have much to be hopeful about. The Jersey authorities will work closely with the financial services industry to ensure Jersey retains a positive relationship with the U.K. and global community. As of tonight, clear messages had been made by Jersey ministers of stability and confidence back up by evidence. I’ll update the finance and digital sectors as necessary. I want to assure all of the plans and efforts to defend and protect the island’s interests. At the dusk of a historical day in London, we O

Over the last 18 months a team comprising of senior officials from Jersey’s Chief Minister’s department, the Jersey, London and Brussels External Relation teams, Law Officers, Financial Services Commission, Jersey Finance and advisors have worked hard to prepare for whatever outcome the people of United Kingdom decided on the EU referendum. The island was prepared for either result. At dawn, the Jersey team implemented the carefully researched plan which had been prepared in the event of an exit vote. Whilst other ministers have their important roles to discharge, my political responsibility is to do whatever is necessary to protect and promote the interests of the sectors I am politically responsible for. I write this blog in this capacity and thought it would be helpful to set out my thoughts on what today vote means. Our diversified Financial Services Sector As a result of the long-term planning ahead of the EU referendum, today we are extremely well prepared. Our stable public finances, increasingly international ties and underpinned a growing  economy economic growth can UK’s withdrawal. It is important to remember that Jersey is an International Finance Centre, three quarters of whose wealth comes from outside the UK. Work in recent years has demonstrated the diversified client base in financial services markets, particularly in new markets such as the Middle East, Africa and Asia. Our diverse base of underlying business is therefore not directly affected by Brexit. We are very well and uniquely placed to navigate our way through what is going to be a period of adjustment for the UK where there will be the need to build and develop new relationships. Jersey is...

EU BREXIT – reflections after day one

  Over the last 18 months the Chief Minister’s and External Relations have worked hard on preparing for the outcome of the United Kingdom’s decision on the EU referendum. The island was prepared for either our come. At dawn, the Jersey team actioned the start of the carefully researched plan which was prepared in the event of an exit vote. Whilst other ministers have their important roles to discharge, my political responsibility is to do whatever is necessary to protect and promote the interests of the finance and digital services sectors. I write this blog in that capacity. I thought it would be helpful to set out in more detailed words my reflections on today’s vote, particularly for the finance and digital sectors. As appropriate, I will continue to set out my thoughts in the important days and weeks ahead. Our diversified financial services base As a result of our long-term planning ahead of the EU referendum, we are extremely well prepared to maintain our stable public finances, international ties and economic growth amid the UK’s withdrawal. It is important to remember that Jersey is an International Finance Centre, three quarters of whose wealth comes from outside the UK. Work in recent years has demonstrated the diversified client base in financial services markets, particularly in new markets such as the Middle East, Africa and Asia. Our diverse base of underlying business is therefore not directly affected by Brexit. We are very well and uniquely placed to navigate our way through what is going to be a period of adjustment for the UK where there will be the need to...

Digital Blog

Jersey’s Digital Policy Framework – starting the conversation. Ahead of my Question and Answer session which will NOW start at 5:30pm instead of 6:30pm today, Wednesday, On Friday last week, during my speech to the Chamber of Commerce we announced the start of what I hope is a major conversation about Jersey’s digital future. Back in December, the Council of Ministers set out the the government’s clear and bold, ambition to develop a Digital Policy Framework for Jersey. Since then, with the strong support and leadership of Chief Minister and with the unified support of all ministers, a cross-government team has been working hard. With excellent support and encouragement from Digital Jersey, Jersey Finance, Jersey Business and our Regulators – the JFSC and Data Protection Commissioner and many others, there has been a huge in-house effort to produce a Framework. The team has been working hard to develop what the Tech Industry people call is a “Beta version”. Or put another way a ‘Test version’ or a “Draft”. A Beta Digital Framework published on gov.je last Friday. This is the first time that government has brought all of its digital ambitions together into one framework. The Financial Services Framework published with an Action Plan for Finance has been a huge success. We want to replicate that success for the Digital Economy. The Council of Ministers is determined to ensure that everyone on the Island can benefit from the huge opportunities Digital offers. We identified three main areas where Digital can play a major role in Jersey’s future. Creating a more efficient government where high-quality public services are simply and...

Jersey’s Future – Digital by Design

Speech should be checked against delivery Lunchtime keynote speech to Jersey Chamber of Commerce By Senator Philip Ozouf, Assistant Chief Minister Friday 10th June 2016 Vice–President, Ladies and Gentleman, it’s a real privilege to be speaking before you. I started today with an early morning visit to the new JEP Guiton Group Digital print press at Rue des Pres – just one new amazing digital business in Jersey. I’ve saw the headlines – more bad news – another leak of apparent bad news. It seem that politics is increasingly about fear. Well I’m going to challenge that. Today is an opportunity for me to be honest, positive and to remind people we really are in a strong position financially. My job today, on behalf of the Chief Minister and Council of Ministers is tell you what the Government is doing to build on our success and to talk about our digital plans. We think Government’s role is to make sure that businesses and entrepreneurs have the tools and environment they need to deliver success. Administration, arithmetic and regulation sometimes obscure the ideals driving our policies. Economic growth, social mobility, self-improvement is the only way to create a prosperous future and it should be about much more than just numbers. What is clear is a thriving economy is the only way to deliver the jobs, infrastructure and public services which we all depend on, and to thrive, we need to stay ahead of the curve, looking outwards and finding our niches. Thinking long term not short term. The past few years have been a challenge as we have all continued to...

Media Interviews this week 

Explaining how #JerseyCI #standards support UK in tackling financial crime @huwbbc @BBCNews ow.ly/10Dz15 Explaining to @JustinOnWeb @BBCr4today ow.ly/10DBRy Jersey’s position on Beneficial Ownership Registers

Categories

Tweet @philipozouf

Like On Facebook

Instagram Photos

  • Please join me tomorrow AM  Thursday for QampA onhellip
  • Join me tomorrow AM for QampA on Finance at Thehellip
  • Currently outside BHS on King Street Come say hello voteozoufhellip
  • Today I will be located at The Arts Centre Roomhellip
  • I know its raining and a bit of a greyhellip
  • Here at the Arts Centre ready for QampA askozouf onhellip
  • 6 years on Finance and 6 years as Treasury Ministerhellip

Feel free to contact me, I welcome your feedback and comments.

Email me here