{"id":34813,"date":"2016-09-28T07:17:12","date_gmt":"2016-09-28T06:17:12","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=34813"},"modified":"2016-09-28T07:24:58","modified_gmt":"2016-09-28T06:24:58","slug":"jerseys-black-hole-still-there-after-all-these-years","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2016\/09\/28\/jerseys-black-hole-still-there-after-all-these-years\/","title":{"rendered":"Jersey’s black hole: still crazy after all these years"},"content":{"rendered":"

Back in 2007 I forecast that if Jersey continued with its tax haven policies<\/a> it would have a black hole in its finances of \u00a3119 million.<\/p>\n

This comes from the Jersey Evening Post this week:<\/p>\n

\"screen-shot-2016-09-28-at-07-06-42\"<\/a><\/p>\n

I accept that the issue has arisen later than I accepted, but it really is time Jersey admitted I was right, all along.<\/p>\n

And what is astonishing is that despite the clear and obvious evidence that the Island's economic and tax policies\u00a0have failed they are sticking to the disastrous zero \/ ten tax policy that ensures anyone from outside the Island using it as a tax haven pays no tax there as a result. This is what makes the Island 'competitive' according to \u00a0its finance industry inspired political leadership. That's why locals are going to have to pay a lot more for the privilege of subsidising tax abuse.<\/p>\n

Good luck to Senator Sarah Fergusson who is opposing these plans, I say.<\/p>\n

But in the meantime the black hole will not go away: a failed model cannot be mended by tinkering on its edges, and that is all the Island's leading politicians are doing.<\/p>\n

PS: I have been asked if the UK can do anything about this. The answer is yes: since the UK is responsible if ultimately responsible if Jersey were to default it could intervene. But we're some way from that as yet, I suspect. Although if I was a UK minister I would be demanding a careful review of the situation.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Back in 2007 I forecast that if Jersey continued with its tax haven policies it would have a black hole in its finances of \u00a3119
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