I think I owe Jersey and Guernsey an apology. I’ve been predicting both will go bust for a number of years. It seems though that Cayman is trying to beat them to it.
But don’t worry all you Channel Islanders. I may have got the ordering wrong, but the substance remains the same. The reality is you are running unsustainable budgets. Like Cayman that will be what breaks you. That, and your dependence upon a dying industry.
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Well Richard, we’ll be able to take tips from Iceland, Ireland, Cayman, the wretched Turks & Caicos (have you seen how many people have HIV there – let’s see how they pay for their drugs without the finance industry – that’ll teach them!) and let’s face it, the UK, on how to survive.
In all seriousness, I went to Cayman earlier this year. Frightening place, totally divided society. Rich white people and poor black people serving them. Must say, the locals were very pleasant, but without finance, not sure how it will survive.
this countries should be more flexible and cut the budgets in difficult times.
Your sarcastic gloating is rather distasteful and unprofessional, quite apart from being unrealistic and wishful thinking. Should the CI finance industry implode as you fervently wish, then the fallout will not just impact the finance industry employees that you clearly despise but thousands of others, ie the bulk of the populace. This means doctors, policeman, teachers etc etc
Will the UK govt. bail out these unfortunates, fund their resultant negative equity? Of course not, and nor should they.
The CI finance industry is NOT spending its waking hours facilitating tax evasion – but you will never believe this.
Eugene
Unprofessional?
Why? When I know that the CI finance industry does facilitate tax evasion
Half of all accounts in the Channel Islands opt for European Union Savings Tax Directive withholding – and I’ll bet 99% of them are evading because there is no other explanation for this
So now pull the other one
And I do think the UK should bail out ordinary long ter resident CI people if finance goes.
Richard
Richard
please define ”ordinary long term resident CI people” Will this involve some form of employment based discrimination? ie you propose the UK will fund negative equity and unemployment benefit arising from economic collapse only for those who have not been employed in or supported the finance industry? Do you really have realistic economic proposals once you have achieved your objective of turning the CI into the Isle of Wight?
eugene – When Jersey finance does come to an end (as all things do), it will “implode”. It will happen as fast as a computer can calculate the bottom line on a spreadsheet.
How else would it happen?
It is a service industry which has no real substance, and no real assets.
As a Jersey man, I have noticed a change in people I encounter, who work in finance in Jersey.
Not so many are locally born people, they’re imported unskilled labour – people who came here on the off-chance of bar work, and couldn’t believe their luck when they landed a better paid job in a bank.
Many are employed via agencies and have no permanent contract. Very handy for the banks when they need to shed staff!
Those who originate from outside the island, probably won’t need any encouragement to leave, in the event of the end game.
Those of us who dp stay will just have to get used to foraging for food on a low-tide, as our fore-fathers once did! Limpet soup? 😯
As a proud Guernseyman, I am increasingly fed up with the way International Finance has taken over our islands and corrupted our politicians and our way of life. We our facing huge increases in indirect taxation whilst important services face massive cutbacks to pay for the folly that is 0:10, brought about because the banks threatened to leave if we did not remain competitive with the likes of the Isle of Man. I for one want to see the banks go, even though it will be a catastrophe for us financialy, I am sure we will survive by being able to develop new industries over time, rather than subsidising all the freeloaders who use Guernsey as a base for avoiding various taxes in the UK and yet contribute nothing apart from overinflating the property market. It is difficult to speak out openly about this here as life can be made very difficult for those that challenge the status quo – my job could be at risk, and that is not something I wish to do with a mortgage to pay and mouths to feed, I have though supported you in the past and even helped you with research into the ‘black hole’ prior to our last election, in which the apologists for the finance industry, who imposed 0:10 on us, received the fewest votes and yet held onto the top jobs.
Having said that I am disapointed with your tone, Richard in the blas?© and insensitive way you belittle all ‘Channel Islanders.’ Many of us wish to see the end of the banks’ occupation of our beloved islands as much as you do – even though there can be no doubting the huge sacrifices each and every one of us will have to endure in order to do so.
Soulbol
Apologies if I cast all uin the CI as of a type
I am well aware they are not
I am really rather committed to the CI and their people – just not the freeloaders
Unfortunately the freeloaders include some from the CI who have sold out – it’s easy to forget it is only some
Richard
“As a Jersey man, I have noticed a change in people I encounter, who work in finance in Jersey.
Not so many are locally born people, they’re imported unskilled labour”
This is simply factually incorrect. A greater proportion of workers in the finance industry are locally born than in other other industry in Jersey. Greater than in tourism, agriculture, retail, construction or the private sector.
The facts are there to support me.
mad foetus – I’ll try to take your comment seriously despite your choice of nickname.
What I said was totally correct – it is my personal observation – how can I get that wrong?
I never posted that information as a statistical fact.
If you have some statistical information on this, how about sharing the figures with us?
I have read all of the public records on the States of Jersey website. The issue with their figures is that they lump locally born people together with locally qualified people – those being people who have been here for 5 years or more.
This makes it difficult for us to know what the real picture is. In my opinion this is deliberate, so as to conceal the truth.
Richard
“Locally qualified people after 5 years”? Try 11 years, recently reduced from 12 to 13 years. Its a heck of a lot harder than you think to become “locally qualified”!
Dan is absolutely right and you are totally wrong.
Dan,
Well, you have access to the same records as I do. But I would say if anyone has been in Jersey fr 5 years they have a right to be regarded as local.
I can say that I have worked in the legal, civil service and banking sectors in the last 10 years in Jersey. Law firms do have a very high proportion of non-locals, particularl at sub-partner level.
Banks are almost entirely staffed by locals and the civil service is I would say at the higher level divided fairly evenly between locals and non-locals.