STATISTICS which measure the progress of Jersey’s finance industry are ‘flat’ for the first quarter, after more than a year of solid growth.
The figures on bank deposits and funds, compiled by the Jersey Financial Services Commission, have not yet been made public because Jersey Finance want to analyse them first. But only 17 expert funds were set up in the three months to the end of March, compared to the 109 registered during 2007.
Speaking at the quarterly update meeting last week, Jersey Finance chief executive Geoff Cook said that although business had held up pretty well there was a feeling that events in the City of London, such as job layoffs, would be felt in Jersey at some stage.
Mr Cook said that part of the reason for the flat figures was the impact of currency differences. But he also indicated that the recent changes to UK taxation for non-domiciled residents could have chased some business away, although it had resulted in a ‘huge spike in workload’ for Jersey companies.
Article posted on 27th May, 2008 - 3.00pm
One Article Comment
I wouldn’t pay any attention to what Angela Knight says. This is the same person who says she sees nothing wrong in the bonus systems used at the commercial and investment banks. Anyone can see that the reckless trading this produced has contributed to the current problems for the banking industry and wider economy.