The JEP and Panorama

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Tax Justice Network: Fear, loathing and a reality check in Jersey.

A blog worth reading. John Christensen reviews the response to the Jersey Evening Post's report on the recent Panorama that featured banking on the island and finds significant support for the TJN position.

This is good:

So the final word goes to BritAbroad (comment 45) who has grappled with his conscience and now wants out:

To all those above complaining about the quality of invesitigative journalism: you are missing the point by a country mile.

When all is said and done, Jersey does tax avoidance or ‘wealth management’ for high net worth individuals. Now, don’t get me wrong, it is terribly well regulated and totally above board. It is perfectly in accordance with international laws and accords and we were absolutely resplendent in our glory as one of the first movers to the OECD white list.But, you see, none of that, none of it at all, makes it right.

Well and good, you can disagree. But, for me it’s all just a bit to close to home. Because, you see, and I may despise the place and all those who are running / ruining it, but, when all is said and done, I’m actually from the UK. (Which used to be quite a nice little island itself once upon a time).Back there, thnaks to Jersey and places like it, the tax burden is shifting inexorably from those most able to make a contribution to those who can’t quite afford the very best tax advice. So, it’s MY family and friends back home, the affable, muddling, middle class that are now increasingly carrying the burden and that’s simply just not right.

Personally, I’ve had quite enough dinner table arguments with friends and family from home and (beautiful as it is) I’m leaving this place at the end of the year. **cue applause**

Oh and Jersey, stop living in denial please. The first step on the addict’s path to recovery is admitting that you have a problem. Gold stars for regulation are great: be proud of them. But, good regulation only enforces the rules — and be in no doubt that you are not making them.

So to Panorama. Put simply: a poorly executed program, making very salient points.