Jersey seems to think the UK's falling out with the EU could be good for it. I doubt it.
Of course, if the UK leaves the EU then life gets easier for Jersey - none of the EU's directives will apply to it then and the rules of the game change. No doubt Jersey would love that. But it's very unlikely to happen. I don't see us leaving the EU.
If then, as is is more likely Cameron and the UK stay in Europe, sympathy with the UK and its financial system will be low. In that case Jersey should expect the going to get much much tougher.The odds are stacked against the UK and its tax havens. In that case Jersey may have got it all wrong, again.
As I think likely.
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I tend to agree with you.Though I think that the Euro was overvalued against the pound.
This has proved correct now that all the debts have surfaced.So my comment earler that the Euro should be devalued might have saved them a lot of trouble.However, much water still to flow under the bridge.EU need you as their accountant Richard, might even get some accounts signed off then. Best regards Robin
For a “single market” to function impartially all member countries must abide by the same rules. Should the UK have a veto over financial services industry then Italy could make a case for a similar one for washing machine manufacturers and Germany for car manufacturers. And very soon every EU country would have their own “special interest” veto — and the market would be paralysed with import tax, tariffs and duties
Inconsistent regulation is anathema in a single market where all member countries are expected to operate by the same rules – particularly those concerning banking and financial services. Take note Jersey, Guernsey and the Isle of Man; providing the UK remains in the EU you can no longer rely on the City of London’s illogical incongruity with Europe to provide you with a stream of tax dodgers and money launderers.
JERSEY’S “SILVER LINING” – COURTESY OF SCREWING EUROPE
Geoff Cook of Jersey Finance is an archetypal Crown Dependencies PR staffer.
Solid 100% bxllshit.
He now claims say that to avoid an avalanche of regulation the EU finance industry will “flee” to Jersey. And even more absurdly that Jersey banks are already “gearing-up” to handle pesetas, francs liras, dollars etc in anticipation of the impending break-up of the single currency.
Jersey already provides sanctuary to a plethora of tax dodgers, money launderers, unregulated hedge funds and their attendant acolytes/sycophants; now he is looking forward to welcoming/tempting even more — presumably by offering them none existent “regulation”.
Even if the single currency breaks-up does he really think that other countries will sit back and allow Jersey to steal their tax revenues? There must be something in the Jersey, Guernsey and Isle of Man water supply that turns certain people into blithering idiots.
Visit below — not to read Mr. Cook’s cloud-cuckoo-land, fantasy remarks, but the far more realistic opinions posted beneath.
http://www.thisisjersey.com/news/2011/12/13/eurozone-crisis-may-be-good-news-say-finance-experts/
Richard,
A small correction: your headline should read “Jersey’s Finance Industry – hoping on an EU failure”.
There are other businesses here. Not the least of them is tourism, which doesn’t have offshore’s financial clout, but does employ an awful lot of people and thus keeps the tax revenue flowing. What is currently making the difference between solvency and bankruptcy for several companies (including the one my wife works for) is an increasing number of European visitors. Take them away – as a financial meltdown and subsequent welter of currency devaluations would – and the whole edifice starts to totter, regardless of what offshore does.
And for all the legitimate scorn that you pour on Jersey’s finance, please remember that the first people who will suffer as a result of any collapses will be the 99%.
Yes…..
You’re right
Richard Murphy, and everyone else (which includes some prominent people) posting on the Tax Research website hold the people of Jersey in the highest regard.
On several occasions Richard has gone out of his way to express his respect and admiration for both named individuals and the inhabitants in general. Jersey is a beautiful island and 99% of its people are known world wide as being doughty, genial and resolutely honest.
Which makes the present “state-of-affairs” the more disheartening.
MERRY CHRISTMAS JERSEY — WE ALL WISH YOU WELL