Tuesday, October 19, 2010

GUERNSEY PLC – WOULD YOU INVEST?

Anxiously awaiting the IOD debate, I realised that I had no idea what it would be about - so I went in with no expectations. Located at Beau Sejour, the large hall was filled with successful business men and women from all walks of life. At the front of the room was a raised platform with a lectern for the moderator, Alastair Stewart, and 5 chairs for the panel. Around the room were several large screens, to make it easier for you to see what was going on throughout the night.
Hosting the evening was well known television presenter Alastair Stewart, who presents numerous news and current affairs programmes. It goes without saying that Alastair Stewart is an impressive, dynamic man with an enormous talent; the ease with which he can address and engage with an audience whilst showing genuine interest and knowledge in the topics he covered left me in awe. He made what could have been a boring evening entertaining, comprehendible and interesting. He brought the panel and the spectators together, using humour where appropriate, and keeping the panel under control yet still challenging some of their opinions.
The panel consisted of five men, all from different jobs but with the same understanding and interest in the local government and current affairs. They were: Lyndon Trott, Bob Dutnall, Simon Gray, Gordon Steele and Alastair Sutton. Coming from different job backgrounds, they could each contribute different views on the topics covered. One pressing issue which was mentioned with most topics was the EU and Brussels. Another issue which was mentioned on several occasions was the togetherness of the states.
The title of the debate was ‘Guernsey PLC – would you invest?’ The evening was introduced by Mark Thompson, chairman of the IOD, who set the wheels in motion for what would be a very interesting evening. As mentioned by him, many people have already invested in Guernsey - but would these people make the same decision now?
I was soon to understand more about the local government and economy, something of which previously I had little understanding of. And whilst by the end of the debate I still didn’t entirely understand the way the government in Guernsey works, I did have greater knowledge as to what the panel and members of the audience thought.

Referring to the main question, Guernsey PLC – would you invest? Lyndon Trott, Chief Minister, said “I wouldn’t hesitate. Guernsey is a great place to live and work – that is what others have said.”

I am going to explain in more detail two of the four topics discussed.

Topic 1 - Is the government fit for purpose?

This was the first topic to be discussed at the debate and as expected the panellists all said ‘yes’ although no panellist denied the need for improvements in the future. Whilst Gordon Steele, former CEO of Guernsey Post, said that we have been steered through one of the biggest financial crises we still need major cuts ‘not just flumes and public loos’. Simon Gray, a Global Fund Media Editor, made an excellent point that regarding Guernsey and the government small reacts quicker than large. The overall view as said by Bob Dutnall, European Managing Director of Sporting Bet, is that the government is run the best it might be. However when Alastair Stewart asked the audience if they think the government is fit for purpose the majority disagreed and explained that they thought there were many ways in which they believed it should be improved. Alastair Sutton, a European Lawyer with insight on the Brussels issues, brought up the fact that we have to engage with the enemy – the EU, however this is working progress.
One suggestion from Alastair Stewart was whether there was a need to invest in states members and how the structure could be made better. The answers to this question were “yes, pay more” and “have a clearer structure so people can see what is being achieved”.

Topic 3 – The Guernsey product – what is it?

Guernsey has become reliant on the finance sector and in order to diversify and move away from mainly trading in this sector alone, needs to find another way to bring business and money to Guernsey. One way that was mentioned was distancing ourselves from jersey and the UK, setting ourselves apart and getting a message out as to who we are and what we have to offer. We can use the fact that we are outside the EU and the EU regulations. Our main differentiator is the personal touch that Guernsey offers; everything is more intimate and exclusive. Guernsey is able to offer a variety of services if we modernise and adapt to change. However, many people want Guernsey to stay the same and not lose its character. However, whilst trying to distance ourselves we still need allies; this is an issue to be solved.

Personally, I thoroughly enjoyed the evening and am extremely grateful for the opportunity to attend. If I was to take one thing away from the experience it is how much the government is involved with decisions in business. I never realised how much you need to know about current affairs to deal with business at a high level. So since this experience I have tried to broaden my horizons and followed some of the events of the Guernsey government and read more articles in the papers that touch matters. Overall it was a really good night and I feel privileged to have taken part.

Catherine Haimes