1. ITV Report

Jersey business leaders to debate potential positives of Brexit


The potentially positive effects of Brexit are set to be discussed by Jersey business leaders later, as the Chamber of Commerce hosts a lunchtime meeting.

It says many of its members are already 'feeling the pinch' following a decrease in the value of the pound, but it is keen to approach issues 'from all angles.'

Businesses are said to be feeling the effect of the falling value of the pound

Our June Chamber Lunch, entitled ‘Jersey: Booming into Brexit?’ will explore the issue with a more positive, market-based analysis looking at why Jersey businesses might feel confident about the future. Our guest speaker is James Gaudin, partner at law firm Appleby and leader of the firm’s Structured Finance Team here in Jersey.

– Jersey Chamber of Commerce

His speech is said to focus on the following;

  • The rationale for the “end of the world” prognosis.
  • A brief economic analysis of Brexit.
  • Practical market experience and examples of deal flow based around Jersey’s unique position as a conduit for capital into Europe.
  • Reasons to be cheerful from our island's political and regulatory position and attractive, open cultural perspective.

Whilst there are undoubtedly some political and regulatory headwinds for Jersey around Brexit, our position as a strong, stable economy outside of, but close to, Europe and as an established conduit for business between the US, Middle East, Asia and the City of London makes the prospect of either a hard or soft Brexit an opportunity as much as a threat.

– James Gaudin, Guest speaker
Eliot Lincoln, President of the Chamber of Commerce

However, the President of the Chamber says many of its members may struggle to accept those arguments.

From recent Member and Committee feedback, we were already very aware that certain sectors are not at all optimistic about the impact of Brexit, particularly those who rely on importing materials affected by the falling value of the GBP. Now with the UK election resulting in a hung Parliament and the apparent delays to Brexit negotiations that have resulted, there is an added air of uncertainty over what the future holds.

– Eliot Lincoln, President of the Chamber of Commerce