Independent report into Guernsey's current economic profile

The Policy Council's Fiscal and Economic Policy Group ('FEPG') and the Commerce and Employment Department ('C&E') have released an independent report from Oxford Economics, a leading UK economics consultancy, which was commissioned to provide a respected third party view of Guernsey's current economic profile; potential future opportunities and overall strategic direction in relation to economic policy.

It is intended that the report will form the basis of a consultation process in the new States term to inform the development of an economic development strategy which will then be incorporated into the Fiscal and Economic Plan in the States Strategic Plan debate later in 2012.

Deputy Lyndon Trott, Chief Minister and chair of the Fiscal and Economic Policy Group said:

"This report is a comprehensive independent review of the island's current position and the challenges it faces. We are pleased that it generally endorses the current policies that are being pursued which have put the island in a strong position to weather the current global economic turmoil".

Deputy Carla McNulty Bauer, Minister, Commerce and Employment and a member of the Fiscal and Economic Policy Group said:

"Bearing in mind that it was only recently commissioned in September 2011, Oxford Economics have done a remarkable job assembling comprehensive economic data, policy comparisons and interviewing key stakeholders. It was felt important that we issue the report into the public domain at this time so the data and commentary are as current as possible for the basis of discussion.

I believe this is an excellent time to generate conversation and stimulate debate on the outcomes of the recent study. The views, perceptions, conclusions and recommendations in the report will need to be assessed when it is used to inform, but not necessarily dictate, the development of an Economic Development Strategy. Oxford Economics' work identifies new potential work streams as well as new strands to existing economic sectors that are most definitely worthy of consideration".