{"id":21450,"date":"2013-07-02T11:16:07","date_gmt":"2013-07-02T10:16:07","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=21450"},"modified":"2013-07-02T11:16:07","modified_gmt":"2013-07-02T10:16:07","slug":"more-numbers-jerseys-new-report-on-its-finance-sector-cant-get-right","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/07\/02\/more-numbers-jerseys-new-report-on-its-finance-sector-cant-get-right\/","title":{"rendered":"More numbers Jersey&#8217;s new report on its finance sector can&#8217;t get right"},"content":{"rendered":"<p>The\u00a0inconsistencies\u00a0in Jersey's new report on <a href=\"http:\/\/www.jerseyfinance.je\/media\/JerseyBritian\/Summary%20Report.pdf\" target=\"_blank\">its\u00a0financial\u00a0services sector<\/a> keep on\u00a0jumping\u00a0off my screen.<\/p>\n<p>Take this claim in the report:<\/p>\n<blockquote><p>Jersey\u2019s banks largely service the needs of the expatriate \u2018mass affluent\u2019 and\u00a0internationally footloose high net worth individuals, as well as associated corporate and institutional clients. They attract deposits and funding from\u00a0across the globe. Almost three-fifths of the island\u2019s over \u00a3200 billion of\u00a0banking funds come from deposits and other instruments ultimately provided\u00a0by customers from beyond the European Union, while less than a quarter\u00a0arise from the United Kingdom.<\/p><\/blockquote>\n<p>I have <a title=\"It\u2019s a pity Jersey can\u2019t get its numbers right\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2013\/07\/02\/its-a-pity-jersey-cant-get-its-numbers-right\/\" target=\"_blank\">already pointed out the<\/a> fact that Jersey Finance say there is only \u00a3155 billion on\u00a0deposit\u00a0in Jersey and not the \u00a3200 billion noted above, but <a href=\"http:\/\/www.jerseyfinance.je\/media\/Quarterly%20-Statistics\/Quarterly%20Report%20March%202013.pdf\" target=\"_blank\">they also\u00a0publish\u00a0this chart<\/a> of where the funds\u00a0originate\u00a0from:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-21439\" alt=\"Screen shot 2013-07-02 at 10.15.59\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59.png\" width=\"410\" height=\"351\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59.png 410w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59-300x256.png 300w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59-262x225.png 262w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59-350x300.png 350w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2013\/07\/Screen-shot-2013-07-02-at-10.15.59-154x132.png 154w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Now given that Jersey is as such a point of origin for only a tiny part of the funds in Jersey - and let's not pretend otherwise because there is just not enough\u00a0wealth\u00a0in Jersey itself to impact on the totals\u00a0declared\u00a0 - the claim that the UK provides less than a quarter of funds is very obviously wrong here. And so too is that the EU makes up less than 40% of the total is also wrong. Jersey\u00a0originating\u00a0funds would have to exceed \u00a327 billion - that's \u00a3491,000 for each\u00a0person\u00a0working there - for\u00a0this\u00a0to be true. And I'm sorry, but that's just not credible.<\/p>\n<p>These claims are\u00a0irreconcilable and the report that\u00a0includes\u00a0them looks ridiculous as a result. In fact that word is exactly right: worthy of ridicule is all that can be said of this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0inconsistencies\u00a0in Jersey&#8217;s new report on its\u00a0financial\u00a0services sector keep on\u00a0jumping\u00a0off my screen. Take this claim in the report: Jersey\u2019s banks largely service the needs of the<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/07\/02\/more-numbers-jerseys-new-report-on-its-finance-sector-cant-get-right\/\"><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-21450","post","type-post","status-publish","format-standard","hentry","category-jersey"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/21450","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=21450"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/21450\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=21450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=21450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=21450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}