A would-be business or economic consultant is asked to compile a provocative list of Guernsey’s Strengths, Weaknesses, Opportunities and Threats. This might be the first component:
- Rule of law, respect for human rights, freedom of speech
- Stable system of government, regular elections
- Open economy not (hitherto) hostage to local politics.
- Fixed currency.
- Independent jurisdiction (defence and foreign affairs are responsibility of UK).
- A tax-neutral jurisdiction – ideal for fund administration.
- Local powers of taxation. Consistent tax levels suggest valuable predictability.
- Sense of balance ingrained in approach to public finances, so size of public sector relative to economy regarded as acceptable.
- Independent press and broadcast media.
- High quality telecoms.
- Attractive to wealthy rentier class, thanks to ingenuity of Open Market housing arrangements.
- Tendency to full-employment economy. Use of short-term housing licences provides flexible labour for hotel/ restaurant/retail sectors and cushion in weaker times.
- Local community small enough for people to know each other or be just one or two steps removed.
- Cleavages of class, religion, race, wealth, income and power less intense than elsewhere.
- Social cohesion relatively high. Strong third sector, high participation in outdoor, sporting and arts activities.
- Reputation for openness to outsiders, if not to rapid change.
- Long and colourful history of independence combined with loyalty to the Crown, and of calculated adjustment to outside pressures.
- Not part of UK or EU – just part of British Isles.
- Established tradition of nimbleness and innovation within most sectors of finance industry, despite being broadly low value-added activities.
