Unlocking Insight: Guernsey's Business Leaders Call to Action on Economic Challenges

In an urgent call to action, business leaders in Guernsey have been encouraged to voice their perspectives on the challenges confronting local firms. The Institute of Directors (IoD) has launched its fourth business economy survey, aiming to capture valuable insights that will be shared with government officials in the States. This latest survey focuses on key areas such as business confidence, pressing challenges faced by organizations, and possible solutions to the island’s fiscal deficit.

Set to close on Monday, 17 November, the survey is exclusively available to the IoD’s members. Previous findings from the third survey, released in May, indicated a positive shift in economic confidence, with a notable rise from -25% in November 2024 to -11%. This stands in stark contrast to the UK’s performance, which has seen confidence plummet to -51%. According to Richard Hemans, IoD’s economic lead, this surge signifies a notable boost, particularly within the finance and professional services sectors.

However, it is important to note that confidence has dwindled in the construction and retail sectors, suggesting a mixed outlook for the broader economy. Mr. Hemans emphasized that as the fourth iteration of the survey begins, the aim is to gain deeper understanding of how businesses are navigating ongoing pressures, external changes, and policy uncertainty. This survey is a pivotal tool for uncovering the sentiments and strategies of local businesses in a rapidly evolving economic landscape.