As the Jersey Evening Post reports:
FINANCE industry profits halved last year to their lowest level since records began, according to official figures released today.
The Island’s biggest industry saw profits fall from more than £1.5 billion in 2008 to £809 million last year. The profit per employee dropped from £123,000 in 2008 to £68,000 in 2009 — also a record low.
What can I say apart from “I told you so”?
Actually, quite a lot. I will be posting on Jersey’s plans on how it is going to get out of its black hole soon.
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[…] with funds under management rapidly leaving the island and the profits of its finance sector falling by fifty per cent in 2009. Worse still, it faces a government spending deficit of at least £100 million a year […]
[…] with funds under management rapidly leaving the island and the profits of its finance sector falling by fifty per cent in 2009. Worse still, it faces a government spending deficit of at least £100 million a year […]