Over 100 organisations which provide a diverse range of products and services both locally and globally sit outside of the finance sector and, together, form the Confederation of Guernsey Industry (CGi).
The CGi was formed in 1995 by 25 companies under the original title G-MEX when the contribution to Guernsey’s economy by the loosely termed ‘light industrial’ sector was less well known compared to the finance, horticulture and tourist sectors.
If you examine the present CGi membership you will see that 100 companies represent more than 5,000 employees which is17% of Guernsey’s work force.
Much has been said over the last few years on the changes needed to implement a system of taxation which remains acceptable to the EU and allows our finance industry to thrive. The necessary result is that we are left with a lot more pressure on our CGi businesses as we come to terms with the changes. The finance community has certainly benefited, which of course is good for the island, but unfortunately CGi member companies have to bear the brunt of increases in the higher costs of social insurance, tax on real property, additional duty on fuel and other tax increases. It is only after the last budget that we are able to start calculating the additional cost to our members. It is certainly significant...................
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