Financial services spend £610m

Friday 3rd July 2009, 3:00PM BST.

Head of the States Statistics Unit Duncan Gibaut

THE Island’s finance sector spent a total £610 million on goods and services last year, according to the latest annual statistics.

Around £350 million (58%) was spent locally, with the remaining £260 million leaving the Island’s economy. This compares with a total expenditure of £568 million for 2007, of which 55% was spent locally.

In 2008 the money was spent predominantly on purchases from non-financial firms, such as building services, and consumable goods.

Banks spent a total £280 million overall, of which the larger part – £162 million – was spent outside the Island. Trust companies spent a total £186 million, of which £135 million was spent in Jersey. Fund firms spent £122 million and of that £85 million was spent in the Island.

The annual survey carried out by the States statistics unit was completed by a representative number of banks, funds firms, trust companies and accountants, but the responses from legal firms – which carry out a substantial amount of finance work – was ‘poor’.

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1
Johnny

July 4, 2009 at 10:26 pm

All this rubbish about blaming the finance industry for all the island ills is a bit rich.

Therefore I was glad when I read one of the other articles on the JEP website saying that finance pumps something like £350 million pounds into the local economy. Think about how many other people there are whose jobs rely on this money, all the shops and associated services.

They have been saying in the UK that when a car factory closes, one job lost there equates to another 3 lost from suppliers etc… I reckon that if the finance industry went in Jersey it would a knock on effect of thousands of others not working in finance losing theirs.

In other words don’t bite the hand that feeds you!

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