Most Channel Islands Businesses Confident Post-Brexit – Survey

Amisha Mehta Deputy Editor 7 November 2016

Most Channel Islands Businesses Confident Post-Brexit – Survey

Despite the fact that they were largely in the Remain camp, businesses in the Channel Islands are gearing up for growth following the UK’s decision to quit the EU.

Eight in 10 Channel Islands business leaders see opportunities for their organisations post-Brexit, according to a survey by EY.

EY questioned more than 200 Channel Islands-based businesses. The optimistic view comes in spite of the majority of organisations saying the UK should have voted to remain in the European Union –  78 per cent in Guernsey and 79 per cent in Jersey.

While nearly three quarters of respondents said they have already begun a review of the likely impact of Brexit, 62 per cent do not believe it will result in their business being at risk. 

Meanwhile, 45 per cent of respondents working in asset management, private equity and real estate do not foresee a change in fund raising through Channel Islands structures; nearly one quarter expect an increase and a further quarter think it will remain unchanged. Only 9 per cent believe the UK’s exit from the bloc will hit fundraising through Channel Islands structures.

“It’s positive to see Channel Islands organisations already recognising the opportunities post Brexit,” said EY’s Channel Islands managing partner, Andrew Dann.

Still, businesses have their concerns. While most are confident when it comes to the Channel Islands’ future relationship with the UK, 70 per cent of organisations do not believe enough is being done to secure their relationship with the EU. 

“We hope this report will be a prompt for other organisations to begin scenario planning, so they are best positioned to leverage the opportunities and mitigate any threats as a result of the Brexit vote. Businesses should recognise that whilst they see opportunities their competitors do too,” EY said.

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