Financial services accounts for a fifth of employment in Guernsey and Jersey and over a third of their GDP. While the banking sub-sector has declined in recent years, investment and fiduciary activities have grown in importance to sustain the sector overall.
Meanwhile, specialisms, such as insurance (particularly in Guernsey) have continued to develop, proving that the islands’ service sectors are nimble enough to adapt.
The islands are not part of the EU, and their financial services industries will continue to access it as third countries after the UK’s exit from the EU. While the direct impact of Brexit is therefore more limited, the UK is the islands’ major trading partner, so the strength of that economy has a knock on effect on the islands.