Brexit & Guernsey Recruitment

Will Brexit impact Guernsey Recruitment?

While no one can predict the outcome of Brexit, economic uncertainty is creating recruitment opportunities in the EU. London has been the world’s financial capital for centuries, but many of its banks are now looking for a new EU headquarters.

UK Recruitment impacted by Brexit 

Brexit is already impacting on the UK recruitment industry, especially its finance and tech sectors. Frankfurt Main Finance, a German lobby group, claims that between €750 billion to €800 billion in financial assets and an estimated 10,000 finance jobs will move to Frankfurt before the end of March 2019.

According to a recent LinkedIn report, 39% of UK recruiters have found EU candidates reluctant to move to Britain. Given the current lack of certainty regarding freedom of movement and drop in the value of Sterling, Britain has arguably lost its appeal.

What does this mean for Recruitment in Guernsey and our local economy?

Guernsey is neither a separate Member State nor an Associate Member of the European Union. It would be for the islands themselves to decide whether, and to what extent, they wished to be included in any such measures and the United Kingdom has undertaken that the islands will be fully consulted about any such measures which may affect them.

Carey Olsen has summarised the effects of Brexit in a briefing document https://www.careyolsen.com/briefings/what-brexit-means-guernsey-and-jersey They suggest that Brexit will have no impact on the Finance industry in Guernsey.

Situations has seen an extremely positive start to the year with lots of new opportunities across the industries- fund, trust, banking, insurance and commercial. Whilst we have seen acquisitions and mergers of companies it is still a very positive outlook. Carey Olsen reiterates this and suggests the uncertainty and change can bring challenges as well as new opportunities to the islands.

The local Government are trying to remain attractive to those wishing to relocate and remain in Guernsey. The Government have said if you want to stay in the Bailiwick of Guernsey beyond 31 December 2020, you need to apply under the EU/EEA/SWISS Settlement Scheme. This allows you and your family members to continue to live and work in the Bailiwick of Guernsey. It means you will continue to have ongoing rights to healthcare, work arrangements and access to benefits and public services as you do now.

So if you were unsure about a career move in 2019 we hope this helps settle your mind and will allow you to explore opportunities in Guernsey. To find out more about opportunities on the market at present please email team@situations.gg with an updated CV. We look forward to hearing from you and assisting you to find the right role for you.