Jersey largely unaffected by Brexit, says Jersey Finance

Jersey’s position as an international finance centre will be largely unaffected despite the UK’s decision to leave the European Union (EU), according to an update from Jersey Finance.

In Jersey Finance’s factsheet, ‘Brexit – The Implications’, it suggests it will maintain its constitutional relationship with the UK, as well as its existing market access rights.

The constitutional relationship between Jersey and the UK exists entirely outside of the UK’s membership in the EU. Jersey Finance suggests the withdrawal shall have no effects upon Jersey’s relationship with the UK.

Jersey’s finance industry currently benefits from access to EU markets by EU legislation, which provides the island with third country access equivalent standards.

Protocol 3 of the United Kingdom Treaty of Accession to the European Economic Community brings Jersey within the Customs Union, providing it with access to the single market for trade in goods.

Jersey Finance said: “In terms of Jersey’s finance industry, our position remains unchanged. Jersey has always been a third country to Europe for the purposes of financial services and it maintains strong, favourable access to the European markets through its broad and robust third country agreements.

“Furthermore, our constitutional relationship with the UK will not be affected by the UK’s decision to leave the EU. Whilst financial markets are likely to be faced with a period of some volatility, history has shown that Jersey has dealt well with this in the past and will do so again.”