Guernsey Finance, a joint government and industry initiative to promote Guernsey as an international finance centre, has opened a new London base.

Guernsey Finance has just opened an office in central London to promote and connect the island’s finance services sector to key markets during the UK’s general election year.

The office in Petty France, is close to Westminster, the firm said in a statement. This proximity aims to ensure that the contribution made by Guernsey to the UK economy is recognised in this market. 

The decision to open an office was made following a consultation with industry stakeholders and will be used by the Guernsey Finance team to facilitate its schedule of meetings. 

The move follows Guernsey Finance’s recent Frontier Economics Report entitled The Value of Guernsey’s Financial Services Industry to the UK Economy.

Guernsey channels £57 billion ($72 billion) of international capital investment from around the world into the UK, the firm continued. UK fund managers generate £2 billion of fees annually from Guernsey-based funds which creates additional tax revenue for the UK of around £7 billion per annum, as well as a social value of approximately £3 to £4 billion every year for the UK.

The report also highlighted that UK FTSE 100 companies may save almost £100 million per annum by using Guernsey captive insurance structures.

“During a general election year, we are determined that Guernsey’s role in the UK economy is well understood,” Rupert Pleasant, CEO of Guernsey Finance, said.

Sustainable Finance Guernsey is also the brand through which Guernsey Finance delivers Guernsey's commitment to sustainable finance, the firm added.