The City of London sponsors a web site called The City UK - which claims it 'partners prosperity'. On its web site it is promoting an event at 12 noon on 2 July and Drapers' Hall, Throgmorton Street, at which a report entitled 'Value of Jersey to the UK' by Capital Economics will be launched. Capital Economics, they say, are a respected independent economic consultancy. The report puts hard figures on the value of Jersey to the UK.
- calculates the scale of the various financial asset classes that Jersey mediates,
- details the value of the various types of transfers financial assets make to the City,
- provides estimates of the cost to the UK Treasury of tax evasion and avoidance through Jersey and,
- predicts that the already relatively low numbers will further dwindle following the recent signing of tax information exchange agreements with the UK.
So here are some hard facts I'd like:
- Who paid for the report?
- How much did it cost?
- What critics of Jersey were spoken to?
- How much information exchange has Jersey entered into?
- Why does Jersey refuse to provide corporate tax transparency of any sort?
- Why does Jersey have no register of trusts?
- Why does Jersey not commit to full automatic information exchange under even the very limited terms of the existing European Union Savings Tax Directive - an act on their part which can only help tax evaders?
- Why does Jersey oppose the extension of the European Union Savings Tax Directive?
- When will Jersey actually sign the OECD tax mutual assistance agreement?
- What information will Jersey actually exchange under its new commitment to automatic information exchange, and when?
I bet none of them will be addressed.
Hat tip: Tony Greenham
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If you are going to ‘giggle’ at the value of Jersey to the UK I hate to think what you will be doing with the equivalent value to the UK of the “Island so strong and so fair”…..the beautiful Isle of Man.
The Isle of Man, we are told, has experienced unprecedented ‘success’ this past couple of decades. But the Island has been receiving a good £200 million overpayment anually in common purse VAT revenue from the UK. That is the equivalent of a small UK town having a good lottery win….not one week…not two weeks in a row….but every single week for over a decade. Wow! No wonder the Isle of Man is so smug. Fortunately the Island has kept plenty in the reserves. So yep, a real value to the UK.
Thank you UK. Thank you very much for allowing the fat cats of our Island to become even fatter,catter and greedier.
“Transcripts released this week by the Irish Independent record conversations in 2008 between leading Irish bank executives, joking about how they had scammed billions of euros to bail out the now-defunct Anglo-Irish Bank.”
http://www.wsws.org/en/articles/2013/06/29/bank-j29.html
very good Keiser report on this one if you like max keiser’s rather manic presentation!:
http://rt.com/shows/keiser-report/episode-463-max-keiser-277/
I don’t know what has come over me, but when speaking of the UK and Jersey, the image of a “fish” and a “bicycle” springs into my mind.
However, it would be a blessing if Jersey was simply useless!
Perhaps it would be more accurate to describe the relationship as that between a sheep and a bot fly!
Picking up on Simon’s reference to Max Keiser. I recommend watching the second part of the latest Keiser Report.
http://rt.com/shows/keiser-report/episode-464-max-keiser-381/