THE Jersey International Business School, which opened for business this week, has a significance for the Island and its future which goes beyond its role a new centre of learning.

The new school, in Caledonia Place, offers finance and business courses but is also likely to provide benefits to the wider economy.

The school promises to be a centre of academic excellence which will initially provide more than 120 short courses. It will enable students to undertake 17 professional qualifications, with full degree courses likely to follow.

It is expected to be attractive to students and businesses both locally and overseas. Crucially, it will also ensure that Islanders have the skills required by the finance industry in future as it adapts to an ever-changing world.

Meanwhile, the new school will cater for the unemployed by offering free places and bursaries to those who
cannot afford the fees.

An important aspect of this new addition to the economy is the opportunity to utilise the financial services expertise for a purpose other than the sharp end of business. Island businesses are supporting the venture by giving financial support and offering their expertise.

But perhaps the most significant benefit will come when a development centre for financial regulators from around the world is established. Jersey International Business School director Stephen Platt has revealed that there is a plan to educate regulators in reaching standards of excellence that are set from Jersey.

The best answer Jersey can give to critics who claim that it harbours irresponsible tax haven activities is to point to the fact that standards of financial regulation here are widely acknowledged as the best in the business.

The school intends to bring others to these shores to learn how to reach the high standards of probity which are set here. That can only assist in cementing the Island’s growing international reputation and, in doing so, help to secure the future of an industry that has driven the economy so strongly for decades.

Continually striving to raise the standards for others to follow will be an effective way for Jersey to defend itself against uninformed – and often envious – criticism.