Keeping finance in high regard
Tuesday 16th March 2010, 3:00PM GMT.
WHEN the outside world chooses to judge the Jersey financial services industry the yardstick is often the Island’s regulatory regime.
The UK, Europe and organisations such as the International Monetary Fund and OECD want to satisfy themselves that all is well as far as issues such as money laundering and other forms of financial crime are concerned.
For many years now the industry has acquitted itself very well indeed in terms of probity. It has not been found wanting in any important respect in any of the major independent inquiries conducted in the past two decades.
But there is more to the operations of an offshore finance centre than abiding by regulations that are stringent enough to satisfy the international community. Finance is a business and it must make a profit. Also, from the point of view of the Island as a whole, it is a mere passenger if it does not produce substantial tax revenues.
Against this background, the results of a survey carried out on behalf of the City of London which were made public yesterday made encouraging reading. As well as being at the top of the league of responsible jurisdictions, Jersey can also claim to be very highly regarded as a competitive place in which to do business.
In plain terms, the Island is up among the big boys of international finance, having been placed 18th in the top 20 of the world’s best financial locations. If that sounds in any way like a faint achievement, it must be emphasised that we are alone among offshore centres in earning a top-20 position. The rest of the prestigious list consists of giant onshore centres such as London, Hong Kong and New York.
Meanwhile, our fellow Crown Dependencies, Guernsey and the Isle of Man, are outside the top 20, being in 22nd and 24th places respectively. And to put matters even more clearly in perspective the Cayman Islands, often seen as a major competitor, are in 28th place.
The latest judgment is most certainly to be welcomed and is evidence that in spite of the present difficult trading conditions, the Island industry is performing at an extraordinary level. That said, the danger of complacency remains.
We shall retain, or improve, our position only by constant effort, constant attention to worldwide regulatory trends and, above all, through government and all other Islanders remaining aware just how vital finance is to our present and our future.
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It is about time that those in charge started to move away from finance IMHO. To be reliant on others goodwill is not a good situation to be in. Public opinion can be fickle at the best of times. If worldwide opinion were to move against offshore finance centres there would be major implications.
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@ Adrian #1
“It is about time that those in charge started to move away from finance IMHO…”
Fair point Adrian, and one you’ve made several times before in other threads, along with your calls to cease the operation of international finance industries globally… but while it might be a good idea to move away from an industry that you may feel has difficulties ahead there is one problem you keep avoiding answering:
What do you propose moving to instead?
Oh, and if you ever run for office I’ve got a few statements you might like to put in your manifesto to show how unique and forward thinking your ideas are:
‘Vote Adrian – Nice to children’
‘Vote Adrian – Nice to old people’
‘Vote Adrian – Nice to you’
‘Vote Adrian – For free water’
‘Vote Adrian – For reduced food prices’
all paid for by,
‘Vote Adrian – He’ll Tax ‘them’, not you’
unless of course the sums don’t add up, then we’re all screwed!
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Adrian says tax everyone according to their ability to pay to enable agreed social needs to be catered for in Jersey.
Not carry on as we are and tax the middle earners out of existance like many others seem to agree with IMHO.
Its your choice!
J.Lamborrari’s election platform could be to
Bring in lots of people paying little tax in real terms.
Tax the middle earners even more.
Make the majority even poorer and work even harder for less in real terms.
Get all those on welfare in jobs on minimum wage as a job is better than none even if they can’t afford to live on it, and even if they are unable to work.
Raise GST to 20% as the workers don’t know how lucky they are to be in Jersey in a job, even if they now need two jobs to survive and pay their bills.
Bring in more regressive taxation to keep the plebs in their place.
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“…Bring in lots of people paying little tax in real terms…”
Where have I ever suggested this Adrian?
“…Tax the middle earners even more…”
Where have I ever suggested this Adrian?
“…Make the majority even poorer and work even harder for less in real terms…”
Where have I ever suggested this Adrian?
“…Get all those on welfare in jobs on minimum wage as a job is better than none…”
Fair comment, I’d happily put this on my manifesto Adrian, anybody who disagrees with this must surely be a work-shy parasite.
“…even if they can’t afford to live on it…”
I’d prefer that Income Support was a top up to help, rather than a career.
“…and even if they are unable to work…”
Where have I ever suggested this Adrian?
“…Raise GST to 20%…”
Where have I ever suggested this Arian?
Now I made suggestion for your campaign that were all ‘positive’, please tell me if you disagree with any of the ideas I put forward about being nice to old people etc., but you decided to suggest mostly ‘negative’ ideas for me Adrian; and why would that be Adrian? Struggling to put together any real argument that you decided your only hope of looking good was to attempt to slur others?
You keep trying Adrian, and you keep failing. You’re making yourself look a complete fool.
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So what exactly are you suggesting J.Lamborrari? As you keep slagging off what I say nearly all the time you must have the opposite view. If not you would agree with me wouldn’t you?
A man who thinks 20% of £1B is £2B, and refuses to acknowledge his mistake when it is pointed out to him in black and white is a complete fool in my book, unfortunately it appears he is still unable to see it. What a sad man! Carry on you are giving me a good laugh, almost as much as the CoM.
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@ Adrian #5
“…you must have the opposite view. If not you would agree with me wouldn’t you?…”
There’s your problem (well one of your problems) Adrian, you can’t see the world as anything but black and white, even if even you keep changing polarity to suit your personal view at the time, you can’t accept anything but opposites. Whereas I take a view that suggesting that things can exist in that grey area you fear so much.
“So what exactly are you suggesting J.Lamborrari?…”
On this issue I agree that it would be a good idea if Jersey could be less reliant on a single industry, but I don’t know anybody who would think differently Adrian, which is why it hardly needs saying. The issue is what industries could thrive here realistically; I’d like to see greater (in both the sense of greater volume and quality) investment into tourism, I can think of some ideas that I honestly believe could boost tourism in Jersey substantially, but they rely on private investment (and too many people hate the idea of private profit) and Public vision (and Jersey lacks this)
“…A man who thinks 20% of £1B is £2B…”
Where Adrian, where? Show me where and I’ll acknowledge any mistake. I’ve said time and time again that I’m open to changing my mind where somebody can show me I’m wrong, or that there’s a better way. So for once Adrian see you argument through to the end, don’t run away and hope people won’t notice you’re an idiot, don’t expect to be able to sling mud hoping it’ll stick without getting any on yourself.
Show me where I’ve done what you accuse me of.
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J.Lamborrari I have suggested many viable ideas on this forum over the last few months.
They vary from taxing 1.1k’s at a more realistic rate. Which I believe you are against.
Raising the social security ceiling to £100,000 or more.
Looking at the feasibility of a bridge to France enabling people to commute to work from Normandy as property prices are absurd over here. If this were taken up after an ecological and environmental impact assessment were undertaken and if these were favourable:-
You would have no accommodation issues for anyone in Jersey.
Access to cheaper prices whether shopping at hypermarkets etc.
Access to cheaper holidays as no silly prices to get off island.
Tidal and wave power as a spin off.
No dependence on airline carriers or ferries companies, hence breaking their stranglehold.
Prices in Jersey coming down to a realistic level for housing, jobs and living.
This would help grow tourism especially for day trippers to Jersey etc.
So I see you’ve finally agreed being realiant on finance is not a good idea. Unfortunately what is obvious is often overlooked in the rush to sort things out. I therefore prefer to underline the obvious because what is obvious to me isn’t obvious to the government is it? I must say it wasn’t obvious to me that you agreed with this either.
There you go a few ideas for you to mull over. No doubt you will rubbish them!
As per the grey that you keep saying is life. Please explain how the things like truth can be grey? At what point does the truth become a lie? At 50% like you seem to be implying? Black is black and white is white as far as I am concerned.
As per what made me laugh,
Here is the link for you:-
http://www.thisisjersey.com/2010/03/10/1ik-residents-to-pay-more-tax/
I have copied below the relevant posts.
Adrian 93.Posted March 16, 2010 at 5:01 pm J.Lamborrari what is 20% of £1,000,0000,000? Can you work it out or is it beyond you?
J Lamborrari 95.Posted March 16, 2010 at 6:15 pm @ Adrian #93
“…Can you work it out or is it beyond you?…”
It’s £2billion, but I’m unclear as to way you keep asking me maths questions?
By all means keep denying it but it is there in black and white (not grey) for you. I rest my case. I believe if you carry on denying it, yet again, then you will just show yourself as an idiot to all who read these posts.
Anyone can make a mistake but to keep denying even when the evidence is posted up for one to see it is even more stupid IMHO.
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@ Adrian #7
Call me sad Adrian, laugh at me, call me an idiot, call me incorrect, tell me everything is black and white, sling all the mud you care to and avoid the issue… but:
“…£1,000,0000,000…”
tell me what that number is, then tell me I’m all those things again.
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Nic,eone,000, J.L.
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Must put my glasses on next time I type such a big number. Luckily for me as you work in the grey of life so much you knew I meant £1,000,000,000, and that £200,000,000 was 20% of it didn’t you? Just like you knew that £1,000,000,000 is a US billion
Since you appear to disagree so strongly with most of what I say it will be most interesting to see your spin on things, if you are able or up for it. I await your ideas with interest.
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@ Adrian #10
“…Since you appear to disagree so strongly with most of what I say it will be most interesting to see your spin on things…”
It’s not spin Adrian; you asked a question, I answered it correctly then you decided to call me an idiot, and sad you say you laugh at me and that I’m incorrect, that I’m in denial, you say how you’ve proved these things in black and white. All the time however YOU have been wrong, and when it’s pointed out to you in black and white you’re not even man enough to apologise, and even have the audacity to further question me.
Fact is Adrian, you’re showing yourself to be a nasty, ignorant, arrogant, confused , delusional idiot all by yourself; I don’t need to spin anything, just continue using reasoned argument and facts as I have all along.
#7
“…They vary from taxing 1.1k’s at a more realistic rate. Which I believe you are against…”
More realistic than what Adrian? They’re already taxed at 20%, unless they had pre-existing negotiated terms for their Income Tax. I think that 20% is a perfectly realistic starting point, and I believe in negotiation, I don’t believe that you should then move the goal-posts and try to force re-negotiation.
“…Raising the social security ceiling to £100,000 or more…”
I disagree with any extreme rise to the SS ceiling, to do so would fundamentally change the SS system, at which point it ceases to be what it was intended for, and becomes merely an extension of Income Tax.
“…Looking at the feasibility of a bridge to France…”
IF a bridge was ecologically favourable, AND it had the support of all those people that bleat incessantly over much smaller developments, do you honestly think it would not be an economic disaster for Jersey?
“…enabling people to commute to work from Normandy as property prices are absurd over here…”
If I lived in Normandy Adrian, but worked in Jersey where would I pay my taxes?
“…You would have no accommodation issues for anyone in Jersey…”
Really, what about all those people who find them selves with negative equity brought about by the property price de-valuation your bridge will have caused?
“…Access to cheaper prices whether shopping at hypermarkets etc…”
And if I don’t want to pay the toll to drive to the EU for my shopping? What price this toll BTW Adrian?
“…Access to cheaper holidays as no silly prices to get off island…”
Obviously quite cheap to allow for the daily commute and still allow these huge savings you talk about. What is the cost of running a bridge across an international border Adrian?
“…No dependence on airline carriers or ferries companies, hence breaking their stranglehold…”
Probably no ferry anymore anyway Adrian, as there would be no market, and this’ll push the costs to Guernsey folks through the roof too! (but I guess you’re thinking just about Jersey ais? Sod anybody else)
“…Prices in Jersey coming down to a realistic level for housing, jobs and living…”
Who would you tax Adrian to provide the services such as road etc.? Cause with such a huge migrant population that’s a lot of traffic, plus day-trippers etc. and I bet they’ll fill up in Normandy, paying taxes there, before driving on Jersey’s roads.
“…This would help grow tourism especially for day trippers to Jersey etc…”
What would a day tripper do in Jersey Adrian? Visit the beach? How many ice-creams need to be brought to bring in the same as one bed-night sold?
“…So I see you’ve finally agreed being realiant on finance is not a good idea…”
No Adrian, you’re making things up again; I never disagreed that being soley reliant on finance wasn’t a good thing, what I disagree on is that the finance industry is intrinsically bad, what I’ve said is that you can’t just do away with it without having something to replace it with Adrian.
That’s a reasonable argument, that you can’t answer isn’t it, so you just keep making crap up
“…Please explain how the things like truth can be grey? At what point does the truth become a lie? At 50% like you seem to be implying?…”
I have never implied 50% Adrian, that for example is YOU lying in black and white.
“…Black is black and white is white as far as I am concerned….”
If so Adrian, why can’t/don’t you answer these ‘simple’ questions? I’ve asked several times, but you avoid answering them every time:
1)‘If you have 100 men, and only enough room in the life-boats for 50; does it really make any moral or ethical sense to murder 10 men so that the fight is easier for the 90 left?’
2)‘You’ve said that decisions should be based on greatest need; suppose you have two men; one, we’ll call him Adam, needs 1litre of water to survive, the second, Bob, needs 2litres of water to survive. You have 1litre of water and it is your decision as to which man gets this 1litre of water.’
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J.Lamborrari when you had noticed I had an extra zero by mistake in my example why didn’t you just say so? Did you know I meant £1B when I asked you, or did you think i was talking about £10B all of a sudden? Yes or No will do.
Come on then J.Lamborrari stop hiding and offer some solutions without saying nothing in real terms, if you are able.
Oh by the way did you know the difference between the two methods for counting £1B? I don’t expect you to answer if it means you have to lie to do so though.
Come on then when is the truth not the truth in your grey system? I would be most interested to see your answer to this. I’m sure as your such a good bloke you won’t mind answering this for me.
J. Lamborrari “I don’t believe that you should then move the goal-posts and try to force re-negotiation.”
What about wages then do these come under your comment above? Yes or No?
J.Lamborrari “what I’ve said is that you can’t just do away with it without having something to replace it with Adrian.”
It looks like you have finally agreed with me then.
As per your questions when you answer mine properly I will try and answer yours. Come on then if you are up for it. If not forget it.
If you believe that me pointing out to others that things could be better for everyone makes me what you accuse me of so be it. By the way you keep attacking me for my comments. I have to ask why?
As per reasoned argument let us see shall we?
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