Minister defends extra cash for finance body

Wednesday 23rd July 2008, 2:59PM BST.

THE organisation which promotes and defends the Island’s finance industry, Jersey Finance Ltd, does not have undue influence over public policy, according to Economic Development Minister Philip Ozouf.

Senator Ozouf (pictured) has also defended the granting of an extra half million pounds of public money to Jersey Finance.

In response to last month’s report from the Economic Affairs Scrutiny Panel he says Jersey is ‘at a crossroads’ and ‘facing mounting pressure from the impact of the credit crunch, rising worldwide inflation, a slowing world economy and increased competition’.

In a response document presented to the States, the Senator says that the industry ‘is likely to be entering a more difficult phase, with a combination of pressures from the UK, the EU and further afield’, as well as continued scrutiny by the OECD, European Union and other international standard setters.

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