Now we know who’s running the asylum
Tuesday 17th November 2009, 2:58PM GMT.
From Stanton Monks.
WHEN, a few years ago, the States decided (in response to pressure from their European Masters, an organisation of nations we aren’t even a member of) that foreign owners of Jersey businesses should not pay tax on Jersey profits, but that local owners should, many wondered exactly who was running our government.
What sort of government would advantage foreigners at the expense of locals? When, a few months ago, the aforesaid masters decided that the remarkable tax arrangement did not suit their requirements (although our ministers had assured us that all was agreed), many thought they perhaps did, then, know who was running our government.
Now, when one States-owned public service company announces that it is setting up in business, in direct competition with another States-owned public service company, we can be sure who is running our government. The lunatics really are in charge of the asylum.
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The simple fact is that unless foreign owners of businesses in Jersey, which is mostly the big players the finance industry are given special treatment they will withdraw their investments out of the Island. Within three years that will happen anyway when other locations are seen to be far more regulatory attractive.
Curiously the local management of the finance industry in Jersey is happy to see more regulation which is akin to Turkey’s voting for Christmas. In Switzerland where the authorities are not so stupid as to frighten off their customers they are attracting huge amounts of new business.
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