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  1. ITV Report

Finance contributing less to Jersey's economy

Building a finance centre on Jersey's Esplanade proved controversial with islanders Photo:

The contribution Jersey's finance sector is making to the island's economy has dropped.

The latest figures from the States show it fell 2% in 2016 - and while that may seem a modest reduction, it means the industry's contributing £670M pounds less than a decade ago when the figure was £2.3 billion.

£1.7bn
Current contributon of Jersey's finance sector to the island's economy.
£2.3bn
Contributon of Jersey's finance sector to the island's economy in 2007.

The worst performing element was the banking industry with a fall in performance of 6%, but the Trust and Company Administration performed better - up 8% on the 2015 figure.

There are also said to be concerns within the industry over staff retention and the potential consequences of Britain leaving the European Union.