{"id":17597,"date":"2012-10-03T16:34:52","date_gmt":"2012-10-03T15:34:52","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=17597"},"modified":"2012-10-03T16:34:52","modified_gmt":"2012-10-03T15:34:52","slug":"jersey-is-really-sinking-as-i-predicted-in-2005","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/10\/03\/jersey-is-really-sinking-as-i-predicted-in-2005\/","title":{"rendered":"Jersey is really sinking &#8211; as I predicted in 2005"},"content":{"rendered":"<p><a href=\"http:\/\/www.gov.je\/SiteCollectionDocuments\/Government%20and%20administration\/R%20GrossValueAdded2011%2020120925%20SU.pdf\" target=\"_blank\">Jersey's just published<\/a> its latest figures on the\u00a0state\u00a0of its economy. The chart looks like this using constant 2003 prices:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/10\/Screen-shot-2012-10-03-at-16.17.40.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17598\" title=\"Screen shot 2012-10-03 at 16.17.40\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/10\/Screen-shot-2012-10-03-at-16.17.40.png\" alt=\"\" width=\"629\" height=\"314\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/10\/Screen-shot-2012-10-03-at-16.17.40.png 629w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/10\/Screen-shot-2012-10-03-at-16.17.40-300x149.png 300w\" sizes=\"auto, (max-width: 629px) 100vw, 629px\" \/><\/a><\/p>\n<p>That's four years of national\u00a0economic\u00a0decline in a row. That even makes\u00a0George\u00a0Osborne\u00a0look good.<\/p>\n<p>And finance is sinking. The result is the <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2007\/11\/26\/jerseys-black-hole\/\" target=\"_blank\">economic black hole<\/a> I\u00a0predicted\u00a0<a href=\"http:\/\/www.taxresearch.org.uk\/Documents\/JerseyEUCodeReport15-6-05.PDF\" target=\"_blank\">in 2005<\/a>\u00a0when\u00a0looking at its proposal for the zero\/ten tax regime that was meant to make the finance industry grow, and grow, and grow.<\/p>\n<p>Which it hasn't, as is very clear.<\/p>\n<p>Zero tax does not grow an economy. It can never grow an economy. Jersey's learning that the painful way.<\/p>\n<p>And at real cost to the people of Jersey - who are now footing <a href=\"http:\/\/www.thisisjersey.com\/news\/2012\/10\/02\/new-deal-for-the-finance-industry\/\" target=\"_blank\">the \u00a31 million bill to the States of Jerse<\/a>y to subsidise the\u00a0finance\u00a0industry in the\u00a0island.<\/p>\n<p>Odd isn't it that the so called free enterprise\u00a0offshore\u00a0financial\u00a0services sector is so willing to take a state bail out, don't you think?\u00a0Especially\u00a0when the\u00a0largess\u00a0will change nothing - but\u00a0keep\u00a0them all going in champagne receptions and back slapping in the\u00a0promotion\u00a0of offshore abuse for just a\u00a0little\u00a0while longer.<\/p>\n<p>I just wonder, when will they agree I was right?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jersey&#8217;s just published its latest figures on the\u00a0state\u00a0of its economy. The chart looks like this using constant 2003 prices: That&#8217;s four years of national\u00a0economic\u00a0decline in<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/10\/03\/jersey-is-really-sinking-as-i-predicted-in-2005\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-17597","post","type-post","status-publish","format-standard","hentry","category-jersey"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/17597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=17597"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/17597\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=17597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=17597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=17597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}