In 2005 I was engaged by the States of Jersey to advise a Shadow Scrutiny Panel on the problems inherent in its propsoed tax laws and strategy that are now bringing the island to its financial knees.
I was damning of their proposals made at the time, which I said contravened EU law. I was of course told I was wrong. The EU subsequently proved me right. Jersey had to change its laws as I said would be necessary if they went ahead with their plans.
As usual, I made positive proposals for change. If only Jersey had listened.
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I might be even sorrier than you that they didn’t. It was once my home.
They won’t listen and they won’t change.
Greed and self interest act in the same way as blinkers on a horse.
The “horses” that run Jersey are overfed and are insufficiently exercised, so what they produce doesn’t feed the Sparrows;-)
It may be that the tax haven model elsewhere has fundamental flaws. What happens if they start to go down like skittles? My post today may resonate re budget planning in these places.
Jersey won’t go bust.
Economic activity has been increasing substantially over the past 6 months and lets not forget interest rate being at a record low and what about the UK’s black hole?
So take your gloomy predictions elsewhere.
Always the Jersey view
Find a day or two when good things happened and extrapolate forever
Jersey has a record number of people employed already this year with over a 100 jobs in tonight’s JEP. Lots of trainee positions in Trust and Funds.
Who are you kidding Richard?
I’m kidding no one
Look at the investment and funds under management
Look at GNI
Don’t kid yourself – the thing Jersey is best at
Assets under management are irrelevant. Many funds are not administered on an ad valorum basis. There are large numbers of new alternative asset class funds being established on a fixed fee basis.
Don’t be fooled by total assets under management. It only tells a tiny part of the story. The funds and trust industries have kids if vacancies at present due to new business. Banking is not surprisingly suffering.
That should read “loads of vacancies” not “kids if vacancies”. Damn predictive text!