Jersey Finance ‘is good value’
Thursday 29th April 2010, 3:00PM BST.
Jersey Finance chief executive Geoff Cook
JERSEY Finance has rejected criticism that it does not provide value for money.
A States spending watchdog has criticised the body that received £1.8 million in taxpayers’ money last year to promote the Island’s finance industry.
A Public Accounts Committee report on States spending said that ‘speculative trips’ to places like the Far East arranged by Jersey Finance were of ‘uncertain value’.
But Jersey Finance chief executive Geoff Cook said there was ‘stacks of evidence’ that the visits were paying real dividends.
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Perhaps Mr Cook could pass the stacks of evidence to the Public Accounts Committe?
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Usual,vague answer we always get from Mr Cook.In order to justify the money we,the people of Jersey, give to this organisation,tell us,specifically,where the extra income of GBP9million has arisen(assuming the organisation/s is actually paying 20% tax).That would only mean that we aren’t actually losing money here.If the venture was doing a good job we would have every right to expect a profit from this!
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The stacks of evidence could be published on the States website or even in the JEP so the ordinary islander can read it and see what good value Jersey Finance is.
Or maybe like so many things they have to kept secret?
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Leaving aside any clear evidence of business coming through it is indisputable that Jersey Finance need to seek out new markets away from Europe – you can’t do that sitting in Jersey, you need rep offices in these places (India and China) and road trips…these initiatives take time to filter through but it would be crazy not to continue them.
Jersey Finance’s budget is peanuts when compared to the 60% of taxes paid by finance and the 13,500 finance workers employed.
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