Jersey costs the UK more than benefit fraud

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Benefit fraud costs the UK £800 million a year according to the House of Commons Public Accounts Committee.

Now look at my last blog on the cost of tax havens to the UK as a result of tax evasion on personal accounts. Note that the direct cost of this is £319 million over 2.75 years, but this can be extrapolated to a sum in excess of £4 billion.

Note too that Jersey accounts for £94 million of the £319 million direct loss. That’s 29%.

That means tax evasion by individuals using Jersey costs at least £1.16 billion a year.

That’s way more than benefit fraud. Massively more than benefit fraud in fact.

We spend a fortune stopping benefit fraud. Why aren’t we stopping Jersey instead? It deliberately sets out to cost us more a year than benefit fraud. Its politicians and government know that.

I assure you: this is a much bigger issue than Sir Fred Goodwin's pension. And I want to see even more clamour about it.