Top of the world
Monday 15th March 2010, 3:00PM GMT.
The Island has been named top offshore financial centre
JERSEY has been named as the top offshore finance centre in the world.
The Island is now the only offshore jurisdiction ranked in the top 20 of the world’s best finance centres, according to the latest official ranking by the City of London.
Jersey is placed 18th in the Global Financial Centres Index overall, ahead of Guernsey, which has fallen out of the top 20 to number 22. The Isle of Man is now in 24th spot and the Cayman Islands are in 28th.
But Jersey’s position fell by four places compared to the previous year. The report by the Z/Yen Group on behalf of the City of London is produced every six months and examines the major financial centres globally in terms of competitiveness.
Treasury Minister Philip Ozouf said that he was delighted the survey results showed that Jersey remained the pre-eminent offshore centre.
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Maybe if the States could control their spending and make the books balance the position would have been higher!
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Agreed! We have an industry to be extremely proud of, it’s just a shame our Tresury Minister has the mathematical ability and know how of the Count from Sesame Street. “Vun, two, three muwhahaha”….
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Fantastic! Now we just have to teach the members of the states how to count…
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rather mis leading headlines how can you say tpo of the world when we drop 4 places and we’re 18th place i thought that top of the world would mean topas in 1st place oh well must just be me
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This is a bit of a non story as centres regularly move up and down the index by a few points except for London and New York who seem to be perpetually at the top of tree.
One of the big stories has been the emergence of the Far East and particularly the Chinese as serious players.
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No 1 experts at the art of obfuscation and tax avoidance. Well done! the world must be so proud of us as we deprive it of valuable tax revenes. Still! it keeps 100k people smug and happy so it must be worth it surely???
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How does 18th equal top of the pile? What happens when you get to the bottom do you get relegated like in football?
“Treasury Minister Philip Ozouf said that he was delighted the survey results showed that Jersey remained the pre-eminent offshore centre.”
Even though Jersey fell 4 places? I thought he was after improvement?
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A #4, and Adrian #7
Read the article. Jersey top offshore finance centre in a list of of all global finance centres. Hint the word ‘offshore’ is important in this context.
More generally what is the point of commenting if you don’t understand what you are commenting on?
Just noise….
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Arguably Hong Kong and Singapore at number three and four respectively are offshore centres.
Hong Kong is semi independent of the mainland and most of it lies on an island and Singapore is a city state independent of Malaya and lying off the coast.
Within the list the top two; London and New York have more than half of the world’s capital, add in Hong Kong, Singapore and Tokyo and 80% of the world’s financial capital is represented.
Jersey and Luxembourg, sandwiched between Washington and Paris just look odd!
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What a pity that’s the only ” TOP OF ” list Jersey is making these days ……
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If you are going to make football analogy’s Adrian, think of the jersey being in the Premier League which is the top tier of football in England consistening of hundred’s of teams.
As for your second point, read the article. My 10 year old son understood that!
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Read the article! Top OFFSHORE, THAT’S OFFSHORE PEOPLE, BREAKING NEWS TOP OFFSHORE Financial jurisdiction, which I think is something to be proud of, come on guys, we’re never going to be able to realistically compete with places like NYC, London, Tokyo etc (which incidentally are, you guessed it, ONSHORE). END OF.
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Yes like it, Jersey in top spot! err 18th in fact, now that is creative accountancy in action.
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8 Wilson – hint ‘offshore’ is indeed important. It means anywhere where you are not. That’s why we’re in the list along with other centres that might not have much in the way of coastline.
We all provide the same services.
Turn the noise down…
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A (4) how can you say top of the world when we drop 4 places?
Simple, Jersey excels at creative accounting.
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“Arguably Hong Kong and Singapore at number three and four respectively are offshore centres.”
So’s London.
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big bean let us hope Jersey doesn’t do a Leeds United then!
fred has it spot on IMHO. Maybe others have missed this?
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Official rankings from london ,thats a joke hahahahaha.
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Given how the leitmotif running through the big countries government tax policy now is to crack down on tax leakage and a far narrower interpretation of what is reasonable tax avoidance, does anybody care to forecast where we will be in 5 years time?
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Not where we are today thats for sure. I expect a lot more regulation as other countries start demanding that their people pay taxes to them.
By the way this report makes interesting reading and the Channel Islands and this includes Jersey are classified as finance nodes in this report. Also Jersey is equal 18 with Luxembourg in said league of finance centres. The top two financial centres in equal first place are London and New York. New York having caught up with London.
How many other finance centres do they control or influence I wonder? I would image quite a few.
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