Islands ‘reaping benefits’
Friday 10th September 2010, 3:00PM BST.
Colin Powell
THE Channel Islands are now benefiting from deciding decades ago that their future lay in being recognised as well regulated finance centres, a major conference in Jersey heard today.
And the man many acknowledge as the architect of the Island’s finance industry, Colin Powell, carried a confident message for the future when he addressed the Channel Islands Stock Exchange international business summit at the Hotel de France this morning.
Mr Powell said that the islands were now reaping the benefits of the approach of adopting strong regulation.
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But Mr Cole your quotes are ever so confident, bordering cocky, Vince Cable said he wanted to shut down the offshore sections of part nationalised banks, isn’t this a risk to the island?
The Channel Islands are not benefiting, a few rich people are but the rest of us are living in a less friendly island, with smaller houses, smaller gardens, the inability even to buy houses, stretched services and job cuts, so take a look around you, open your eyes and see how this industry is ruining this once peaceful, friendly island.
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i am with you annie, (2) mainly for the rich.
while i understand that the offshoot business, that i am in, is due to finance.
still belive that , i would be doing some kind of work to survive, and would be like many a lot thinner.
as for homes , what is being built , is not for the ordinary person, just look at the prices.
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All that money from abroad invested offshore deprives other (usually very poor) countries of revenues. There is nothing to be proud of.
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T – Just what exactly offshore do you think these people are investing in? Do you really believe that Jersey banks have massive underground bunkers full of bank notes and bullion? The answer in NO – People invest THROUGH Jersey. Investors use Jersey because most third world countries don’t have the advantage of a stable banking or political system to provide such investment and if such investments were made “on-shore” such as the UK they would be penalised by double tax. Many third world countries have very dynamic and fast expanding economies, financed THROUGH financial centres such as Jersey and whilst such wealth is not distributed fairly many in such countries are experiencing betting living standards and ever improving education and health care. It is unfortunate that the uneducated in the developed world are prepared to risk such investment through a combination of ignorance and political correctness.
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Personally I am just an ordinary person working in the finance industry. It has allowed myseld and wife to buy a nice house in the country.
All I did was work reasonably hard at school and apply myself at work. There were no huge bonuses or mega salaries, I just saved and bought and worked my way up the ladder.
Without the finance industry the island would be very different, we have good education, good healthcare, low crime, low unemployment bearing in mind we are in a recession…where do people think the money has come from that has paid for all these things? It isn’t farming or tourism and definetly not manufacturing !
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#6 Eddy – well said! i know the finance industry has brought with it some disadvantages (housing costs beingthe main one) but these are far outweighed by the benefits the vast majority of us enjoy – long may it last.
I will await the vitriol…
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