Guernsey finance receive increase in budget

Guernsey Finance’s budget for 2009 was increased by £245,000 at a recent Commerce and Employment Board Meeting.

Commerce and Employment Minister, Carla McNulty Bauer said “In the current economic climate and with ever increasing scrutiny of financial jurisdictions it is essential that Guernsey continues to promote itself in the international marketplace. Guernsey has an excellent reputation as a well regulated jurisdiction and we must make sure our story and unique competitive advantage is heard. Recently the Department has announced an increase in spend for Tourism and Marketing for that sector of the economy and the Board believes that Guernsey Finance similarly needs additional funding to increasingly promote the Guernsey brand and ensure that the core competencies and values of Guernsey as an international finance centre are recognised by the international community GuernseyFinance has proven to be extremely successful and it has helped Guernsey climb four places in the Global Financial Centres Index so that Guernsey is now 12th and has leapfrogged Jersey who now are 13thand the C&E Board want to make sure we can maintain this success.”

Jim Gilligan, Chairman of GuernseyFinance said “We are delighted that the Department is supportive of GuernseyFinance’s request for the additional funding, which will allow the company to market Guernsey even more than it has previously on the international stage. With this funding, the company will be able to continue to build on the work that it has been doing in securing additional business streams from outside the UK – in China and the Far East generally and work already planned for India and the Middle East.”
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Well why not give Finance an open cheque £245,000 extra to be spent on them..seems like madness to me..

Oh well leapfrogging Jersey must be worth £245K so that OK I suppose :x

was this the figure already reported some time back lifting the existing budget of £600k to £900k? Or is this on top of the £900k. And will that also be on top of whatever the industry has agreed to throw in? If so then that's a mighty budget. They must be scared.

I suspect this is part of the £900k.