2020 - Where will we be?

2009-10-14T13:25:00.000-07:00

‘2020 – Where will we be?’

So we may not be able to look in a crystal ball, but the IOD certainly are looking forward to the future, and according to them, it all depends on our actions now. The Institute of Directors annual Business conference and debate certainly can be named as one of the most prestigious events in the business calendar, with hundreds of directors from all across the Channel gathering to give their views and opinions, and most importantly, discuss the island’s future.

2020, it’s our future, shouldn’t we make sure our views are heard?

The event allowed all to have their say, including politicians, those in the finance sector and us ten students, but it was the views of the panel that started each debate. Moderated by the energetic and enthusiastic Alastair Martin who personally stunned me with his grasp on Guernsey’s current issues, the panel were questioned individually on each of the four main topics, economy, pan-island issues, social issues and the government. The panel covered a vast field in the business sector with the four members being: John Davey, chief executive at Spearpoint, Senator Philip Ozouf, treasury and resources minister in Jersey, Tamara Menteshvilli, chief executive of the Channel Islands Stock Exchange and Peter Neville, the former director general of the Guernsey Financial services Commission.

How do we develop towards 2020?

To get to the future, you first have to live through today, and the problems of today are many. Everybody is aware of the current international economic and financial crisis, but does anybody really have the answers? Targeted by European authorities and the UK in particular, Guernsey seems to be suffering wave after wave of onslaught, suggestions of Guernsey as a ‘tax haven’ have lead to international debate about our position, Tamara described this metaphorically ‘they view Guernsey as sitting on a pot of Gold, and they all want access to that inexistent pot’.
But how do we solve this issue? An idea that was agreed on by the majority of speakers, including both the panel and audience, is that we need a voice that will stand up internationally, to rule out current misconceptions in the UK, Whitehall and Brussels and educate those ignorant of our position as a financial centre. As stated excellently by one audience member ‘we need to persuade them we are part of the answer and not the problem’.
Such ideas could be enforced by ourselves, however, are we not a less powerful force alone? So the question is, are we really going to let our rivalry with the larger island stop our own progression and development and ultimately disadvantage ourselves? Interestingly an audience vote saw the majority in favour of working with Jersey, to create a Channel Islands force that can stand up and speak out in the UK and promote ourselves, as well as working together over issues such as garbage disposal and renewable energy. However when asked whether it was believed that this was possible the minority agreed. This attitude appeared to ultimately break down to a lack of trust between the islands and it is this attitude that needs to be changed in order for the islands to develop and step forward, together, in the way that I believe will be beneficial for all parties.
The main issue felt passionately about by us students was that of social issues. It is well known that the changing demographics mean that Guernsey is being left with an aging population. With few opportunities in the island for post-graduates a minority of the newly qualified generation return, and why would they? There are few incentives to return to the island they call home, with few jobs and high house prices, it is almost impossible to return even when desired. Surely we should try and encourage youth home? Much needed professionals, in particular, teachers, are also under threat, licensing laws mean that they are being forced to leave the island due to licensing terms or cost of living. Is this not neglecting our education?

So how is any of this relevant to my generation?

The finance sector is hugely important in the island and there is little else that could prove so successful, unless we suddenly strike oil that is, but whilst that is still yet to be found, the finance sector is in need of rescuing to protect not only jobs but Guernsey’s economy as a whole. Finance plays a major role now, and is likely to remain so in the near future. In eleven years time it is likely that it will be people of my generation that will be making the decisions and ultimately ensuring that the financial centre of Guernsey remains as successful as it has been previously.

As said by Tamara ‘we need a plan’.