Finance workers tell ministers to cut more
Saturday 28th August 2010, 3:00PM BST.
Jersey Finance technical director Heather Bestwick
FINANCE workers have told ministers to get back to the drawing board and cut more from their budgets.
A survey of Islanders working in the finance industry has found that almost three-quarters say that ministers should be cutting more and taxing less.
Jersey Finance technical director Heather Bestwick said that tax rises could do serious and lasting harm to the finance industry.
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‘Cut more’- surely they mean reduce the increase by more. The total government spend (even after the COM ‘cuts’)is not being cut, it is 6% higher!
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Cuts mean cut rent rebate that benefits the multi millionaires that own multi properties. Cuts mean cuts to the obscene income support payments we have been advised of this week. For starters
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David #1, this is Jersey which is well versed in creative accounting. ‘More cuts’ can mean whatever you want, it certainly does not mean cutting the budget.
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The simple fact is that Jersey has got used to a very large and all embracing public sector.
Provision for schools and many other services are a lot more generous than the UK and a lot of services eg parking is charged at far less than the UK or any other jurisdiction.
Jersey not only has raft of support for the poor and old etc but a generous system of middle class benefits that reach way up the income scale.
A couple on say £40,000 between them, and there are plenty in the finance industry that are around this level, with two children at school are receiving substantial benefits from the States in terms of educational and health provision, probably a lot more than they pay in tax and Social Security!
The simple fact is that cuts that will balance the budget without increasing taxes will significantly impact the quality of services that the majority of islanders receive.
Cuts on the scale that the finance workers seem to want would leave most of them with a lot less pleasant life style and the really well off quite a bit poorer as they would have to use more of their disposable income to pay for services that were previously free or charged at almost a nominal rate.
Did the people who organised this survey explain this to them?
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“Jersey Finance technical director Heather Bestwick said that tax rises could do serious and lasting harm to the finance industry.” So when Jersey is doing well take advantage, when Jersey is doing not so well lets threaten to leave if the tax’s rise. Ms Bestwick theres a boat waiting for you. I am sure that Jersey will survive if some of the greedy Finance houses up’ed and left. In times of hardship ALL should expect to pay a price so that we ALL can enjoy the good times. Don’t forget 0/10 was introduced for these greedy Finance houses to stay in the first place.
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Mark G – Wake up and smell the coffee!
Those ‘greedy’ finance houses pay nearly 75% of the entire tax take and if we consider the multiplier effect of the salaries from the finance industry that is spent locally and then taxed again. If they leave we will have a major tax take deficit not to add the extra cost of the lack of jobs. Get real!
We need to focus on cutting the level of waste and focus on developing new work opportunities. Full-fillment could grow if we did not have Jersey Post trying to kill the golden goose with their excessive fees!
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The fact is that there is not waste on the scale of say 10 – 20% of total State’s expenditure.
Cutting expenditure from £550M to £500M or £450M will involve job losses and a significant loss of services for everybody.
Wait until the Business Plan hits the States. The members will be queuing up to save the sacred cows or should that be bœufs sacrés?
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6. Robert
So you agree that they are greedy?
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