Island critic has ‘Plan B’ for economic survival
Tuesday 25th January 2011, 2:58PM GMT.
Richard Murphy addresses the audience, watched by Jersey Democratic Alliance members Ted Vibert and Deputy Geoff Southern
JERSEY can save itself from economic ruin by reforming its finance industry to become a beacon of honesty, accountability and fairness, a long-standing critic of offshore centres told Islanders last night.
Richard Murphy, who was invited to speak by the Jersey Democratic Alliance and pressure group Time4 Change, made the claim as he set out a ‘P lan B’ for Jersey to avoid what he called the inevitable collapse of the finance industry.
But before salvation was possible, he said, the Island and its leading politicians must first admit that Jersey was a secretive tax haven which played a role in the global economic crisis.
And he argued that offshore tax havens were a cancer which would eat away at the heart of, and ultimately destroy, free-market capitalism.
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Richard Murphy should concentrate on the atrocious UK tax problems cuased through recession before passing commment on anybody elses’ fiscal policy and shame on the JDA and Time 4 Change for supporting this long time critic of our main industry.
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Richard Murphy (52) is a chartered accountant and visiting fellow at Portsmouth University Business School. Not one of your usual suspects, just somebody talking sense.
Forget the JDA and the flawed Geoff Southern who has no better solutions than equally flawed Philip Ozouf; they both need to go, to be voted out, so that Jersey can make a fresh start.
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“Richard Murphy, who was invited to speak by the Jersey Democratic Alliance”
That says reams about him !
Lay with dogs and you get fleas.
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He lives in England, he should concentrate on the Russian, Chinese and other super rich who have done low tax deals with the British government
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I hope the electorate remember the JDA and Time for changes hostile attitude to our main industry when they vote at the next elections.
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How can Richard Murphy be credible when he says the “inevitable collapse of the finance industry.”? That is like saying the end of prostitution is nigh.
A clearly ridiculous statement, as the finance industry will always exist, whether it remains in Jersey depends on who gets voted in at the next election. Vote in scoundrels of the left, then we will loose it, and the thousands of jobs that go with it – affecting everything from construction to retail to flights.
Vote the likes of Ozouf and his key team in, and we will stay on track.
Look to the UK and USA as to the dire state of their economies – we are doing perfect in comparison.
Don’t risk it!
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Murphy and his ilk would like nothing better than to see Jersey and Guernsey destroyed, they have stated as much on various websites.
Do not trust this man. Full stop. Do not heed any of his “advice”.
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1: “Richard Murphy should concentrate on the atrocious UK tax problems”
He does that too!
Mark’s right here. Don’t mix him up with the JDA. He’s not an island critic, just critical of the way it is currently being run. I went along last night with an open mind and it was very very interesting. I hope the JEP publish the full speech so people can make up their mind for themselves.
The fact is that he is more intelligent, better connected, more influential, and better qualified than ANY of our politicians to speak on this matter. Maybe listening would be a good start.
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Richard Murphy is highly respected by the UK Government and advised the States of Jersey years ago that 0/10 was non compliant and would lead to problems, he was correct. He also gave good advice ( hence this article )this week.
No doubt the Ministers will employ more consultants leading to a dead end. The other political parties are not important, Jerseys survival as a finance centre is.
It is deeply worrying that Mr Geoff Cook representing Jersey Finance Ltd sees no problem with the road Jersey is heading down, and is in direct conflict with large countries who are now economically broke, and need all the tax revenue they can take. Jersey is but a juicy fish in a sea of sharks.
Richard Murphy needs to be listened to, drop the arrogant attitude and survive.
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“Jersey was a secretive tax haven which played a role in the global economic crisis”
This is a fundamental innaccuracy. The global economic crisis was caused by lax lending standards in the US and elsewere. It was caused by the greed of onshore corporations looking to make a quick buck regardless of the future implications of their lending.
Jerseys role in this, if any, was utterly marginal.
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I find JDA and co a bit off the wall here and there…though not as much as the COM who are totally predictable in their inconsistencies..that said…once again if there is nothing to hide then there is nothing to fear, or criticise someone…anyone…saying something does not necessarily make it so, there is nothing to fear from fearless examination…Ahh….unless.
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Richard Murphy is a self appointed offshore specialist who keeps himself in business by being paid to attend events and tell the extreme left, who’d rather we all had nothing rather than aspiring to have something, what they want to hear. In this case he’s contradicted himself. If Mr Murphy is so convinced that the success of offshore is through its dishonest nature then how can offshore exist by being honest?
Thing that gets me about people who support the JDA is they don’t realise that taxes under socialist governments are far higher than governments who are just off centre. JDA supporters moan they pay too much tax and that the government wastes the tax they pay. Yet they forget they’ll be paying a JDA government (shiver) more tax leading to more waste! Personally I’d rather have what’s left of my take home pay in my back pocket to do as I please and not give it to the government to spend it on what they please.
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If you go to his site you will see how he is funded:
The main sources of funding for my work, some of which is reflected in the content of this blog, are as follows:
1. The Joseph Rowntree Charitable Trust in the form of a two year grant to undertake research on and to promote tax reform for the relief of poverty;
2. The Trade Union Congress, who I advise on taxation issues;
3. The Task Force on Financial Integrity and Economic Development (in turn funded by the Norwegian government) mainly for research work on country-by-country reporting and related issues;
4. The Network for Social Change (in partnership with Colin Hines through Finance for the Future LLP) for research work promoting the use of bonds and other innovative forms of funding for green infrastructure development;
5. PCS (the Public and Commercial Services Union) mainly for work on the tax gap;
6. Occasional consultancy work for NGOs and other organisations, such as universities, on taxation and accounting issues relating to development ( recent examples including Christian Aid, Action Aid Sweden, Ibis Denmark, Greenpeace International and Manchester University);
7. Other occasional research grants from NGOs;
8. Fees for broadcasting and journalism.
You can use this information to make your own assessment of the political views of Mr Murphy.
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We don’t need Mr Murphy’s religious views because thats what it is when you look through the chaff. All this mumbo jumbo about ethics and how we should blow our client confidentiality and destroy ourselves at the same time to lead the way is total nonsense.
Besides we have plenty of qualified Chartered Accountants here already so stop trying to make out that this person’s opinion is anything special!
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I went to the meeting and he talked a lot more sense than the likes of Ozouf and co. No doubt when 0-10 is deemed non complient the usual suspects will be making up excuses as to why.
joker socialist governments give a damn about their people, and don’t just bend over backwards for big business and the rich incase they might upset them.
As they say you get what you pay for. What would you prefer a country where the rich are encouraged to take advantage or a place where everyone is taxed according to means? In the likes of Norway the elderly get a proper pension and don’t need to sit in one room with half a dozen layers of clothes on unlike in Jersey….
However these sort of things are fine and dandy according to some on here.
For someone who is rubbished by the local establishment and their supporters, I find it odd that he has meetings with the UK government on a regular basis about tax issues. Maybe they know something the local end doesn’t?
I expect yet more spin by Ozouf and co about how well Jersey is placed. Time will tell. I am expecting things to get much worse. Let us see what happens.
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Well I like him and what he stands for and if you care to actually listen/read and apply it to what is going on and the way our financial ‘legalities’ apply then maybe you may have a degree of intelligence. If people over here continue to bury their heads in the sand thinking it will all be okay then god help you.
At least the JDA, (albeit many are quick to point out their grudges with the honesty), are proactively seeking to address the future of this Island before it is a complete circus full of peacocks. ( We are 2/3 there already on the peacock front). Face facts folks.
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Bean abroad do you have any idea of intellectual property and how it was land registry many moons ago thus creating treaty’s and so forth? Maybe you should have a read on a bit of Jerseys other side of heritage….
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Phil@6
all Murphy and his ilk have to do is sit back and watch our leaders destroy Jersey,
he is only trying to give us advice on how we can save what we have left and his is the only sensible advice that we have heard from anyone.
shall we just let our politicians carry om asthey are.
Murphy and his ilk will be there saying “i told you so”
when we have to comply, so why not do it now volutarily before we are forced to by the EU.
Its called saving face whilst saving the island from the inevitable.
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5 Real Truthseeker
‘A clearly ridiculous statement, as the finance industry will always exist, whether it remains in Jersey depends on who gets voted in at the next election’
What an incredibly naive statement.Its got far more to do with the rest of the world.Pick up any national newspaper and you’ll read articles about companies ‘avoiding’ tax.Jersey and other tax havens are in the spotlight over tax like never before,and most of it is negative.Any major changes to our number one industry will come from the EU or UK.
Despite all this we still have all our eggs in one basket.Crazy.
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Adrian
Murphy had lots of meetings with the previous Labour government. Strangely he does not appear to enjoy the ear of the current UK government!
His “plan B” for Jersey is the most naive idea I’ve heard in many years. It has absolutely no chance of being a success. But then again that suits his agenda perfectly. A typical idea from a self-proclaimed “tax expert” who actually knows the square root of sod all about tax and who knows even less about economics, another area in which he claims expertise.
His priority is to kill off the Crown Dependencies. Anything he says should be considered with that always in mind.
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“Murphy had lots of meetings with the previous Labour government. Strangely he does not appear to enjoy the ear of the current UK government!”
The Coalition government is a funny crew.
Read the Financial Times, always a good and unbiased source in my opinion, it is sadly a minority read amongst the Jersey financial brahmins.
The Coalition have problems and want solutions, if something sounds good then they are more than prepared to listen to anyone.
Their actions over disguised renumeration is only the beginning.
So pull your head out of the sand bucket and start facing reality, tax avoidance via off shore vehicles or anything is going to have a hard ride for the next few years at least
Capiche!
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Well all I can say is that I am astonished that Deputy Montfort Tadier is supporting this man and people in finance should know about it before the next elections.
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And wuth the present one cheeses. I wonder why Norway sees fit to give him some funding then if he knows nowt as you claim?
The fact is many people in Jersey are running scared as they know if their job goes many of them will end up doing so called menial jobs on minimum wage, that’s if they can get a job at all. They will therefore cling to the status quo instead of looking to ways to diversify as it suits their interests to stay as they are.
Independence will kill off crown status and it is authority figures pushing for this.
As per overseas companies registering in Jersey does Jersey actively inform their governments of the fact that they have done this or not? Or do they leave it up to the companies themselves to do this? If it is the second do they check to see this has been done or not? Maybe a tax expert could answer this? Geoff are you reading this?
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Adrian – You need to start looking through the mists of fantasy through to the real world. Every democratic state has a few elected officials for whom the best interest of their nation and people take second fiddle to their political aspirations. Jersey has also funded this guy which is why he is here – it does not give him any credibility other than in the eyes of the gullible.
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I am shocked that so many are not yet aware that having a “Plan B” to survive the financial collapse is not possible.
Indeed, I state that there can be NO “Plan B” , that such is impossible due the advent of “Peak Oil”.
Richard Heinberg supports comments that I made in the middle 90′s with respect to such. You may access it here:
http://www.taxrefusal.com/plan-b.html
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Maintain The Rage!
Add your voice to reason’s call.
Join the Tax Refusal.
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http://www.TaxRefusal.com
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And the related effort to wake the world:
STOP YOUR ENGINES !
http://www.StopYourEngines.com
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I wonder if all the people closing their ears and peering out of Jwersey’s goldfish bowl have got any real experience in the real world? Let alone a history of forensic tax investigations.
You obviously have no sense in wider causality, or indeed knowledge of how the contagion of the financial collapse was allowed to spread unchecked.
As for the coalition, well Cable has a well read copy of Murphy’s book. Lord Oakeshott is known to repeat policy suggestions.
And in the wider world, Murphy’s and TJN’s ideas are seeding policy across the EU and the various organisations. People are starting to take the ideas of tax gap, country by country reporting, financial transparency and corporate responsibility far more seriously than at any other time.
The finance trolls that see no evil are not looking.
Capitalism can only work to society’s benefit if there are free, open and transparent markets. There is no such thing at present.
Surely the libertarians would support such an ideal?
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john (18) Re: Real Truthseeker
John you are wasting your time. The so called Real Truthseeker has interest in fact, the truth, they are totally dogmatic, incapable of reading referenced fact even when presented to him/her and has no real interest in Jersey, as their stated aim is to decamp to New Zealand.
All industries, grow, mature and die. The Jersey finance industry has clearly reach its tipping point and has started the slow decline. The unfortunate fact that some of the so called ‘finance industry’ was built on illicit funds, which will be the first to go.
Yes Jersey has all our eggs in one basket and yes, as Richard Murphy advocates, we need to protect the legitimate elements of our ‘finance industry’. I suspect that the likes of Real Truthseeker are alarmed at the attacks on the illicit elements of the Jersey ‘finance industry’. Honest and transparency has cost job and will cost more jobs, as the illicit money leave town. That is a fact of life.
NB I am most certainly not a JDA voter or supporter, quite the opposite, like most islanders I am to the left of the extrema right.
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Adrian (22) Re: Independence.
Adrian, The truly wealthy have already created their own jurisdiction, it is called The World. Problem is, that even a fancy liner like The World needs a home port for repairs, hospitals etc. We all live in an interdependent global village.
You are right, Jersey needs to be looking to ways to diversify.
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“As per overseas companies registering in Jersey does Jersey actively inform their governments of the fact that they have done this or not”
Adrian, what are you going on about now? If a company incorporated in one jurisdiction wants to migrate to Jersey it needs to follow the procedure of the first jurisdiction. If it merely wants to “register” itself in Jersey (a bit of an imprecise term) it would do nothing, but it will need to complete all the tax obligations of its home jurisdiction.
In other words, you don’t even understand the question you are asking, so what chance of understanding the reply?
Your question is as meaningful as somebody saying “there must be something terrible going on in the human body, because nice food comes in and horrible poo comes out”. It may be factually correct, but it makes absolutely no sense.
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More drivel from this odious man. He does little but peddle a load of tired old cliches. The finance industry isn’t perfect, but nor is the City of London or any other financial centre. However, the standards applied offshore nowadays are almost invariably tougher than onshore. The Tax Justice Network have a moral objection to legal tax avoidance, which is their perogative, but they peddle dangerous lies and pseudo information in support of their views which are entirely misleading.
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29
Where are the lies? Can you back yourself up?
Citing the usual “IMF, OECD” defence means nothing. They provide a lowest common denominator of standards, forced by the increasing global research into the financial black holes of corruption and capital flight.
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“Citing the usual “IMF, OECD” defence means nothing”
I presume you believe the views of Richard Murphy matter more than teams of objective observers who have spent months on the ground. I believe that was Tony Blairs view of the UN weapons inspectors – yeah, they say there are no weapons there but I know better.
Let’s not destroy Jersey before discovering Murphy is wrong.
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If certain commenters on here think Richard Murphy was sprouting a load of rubbish why weren’t they at the meeting to debate!
Saw Geoff Cook on CTV trying to counteract some of Richard Murphy’ comments and he came across as very weak without any strong arguments.I think he he is only in Jersey because he can be a big fish in a small pond.Richard Murphy would have eaten him alive in a live debate.
To examine the finance industry and its effects on tax does not mean you want Jersey to crumble into oblivion,but to adapt better for the future.Jersey has a lot of potential but i think the writing is on the wall for some parts of our finance industry.
By the way i don’t support the JDA either
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5. Real Truthseeker
‘How can Richard Murphy be credible when he says the “inevitable collapse of the finance industry.”? That is like saying the end of prostitution is nigh.’
I came up with a few good jokes about that one but i don’t think they would get past the moderator!
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donald “it would do nothing”
There is no process involved in registering? How does that work?
So there are no ways around things like what was exposed in Panarama a couple of years ago?
I must admit I thought it was a bit dodgy but I’m no tax expert.
Mark it is good that someone else can see the writing on the wall. No business stands the test of time in Jersey, not that this will mean anything to certain people on here.
Indeed the rich run the planet. Maybe everyone should go offshore to protect their own interests as well. Then very little if any tax would be paid. This would make it more of a level playing field. It would enable a conduit(siphon) for more overseas investment etc, that some use to justify offshore.
I myself would prefer all tax avoidance be done away with then there would be £200B/year extra to spend on poverty, schools and hospitals etc.
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Arnald
So are you saying that we should ignore IMF reports simply because they don’t say what you think they should? Are we seriously expected to believe that you and Mr Murphy are right and know more than the IMF who, unlike you, have had the chance to kick the tyres and look under the bonnet? Ridiculous.
I read Richard Murphy’s speech today and he is so deluded. “How can I know what’s going on in Jersey? We need to know”. Why does he need to know? Who is “we”? Who on earth does he think he is? In what capacity does he think he is speaking? He’s a self-appointed “expert” who clearly knows nothing about his subject, is deluded into thinking that his opinion is important, and is funded by a group of left-wing organizations who stupidly pay him to say what they want to hear. As for his “Plan B”…
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Adrian,
What do you mean by registering? If you answer that question then you might get an answer. But you are saying something that makes little sense.
Do you mean incorporating? Or registering a business name? Or what exactly?
It’s like if I asked you what is to stop a UK person registering as a Jersey citizen? Well, there is no such thing as “registering as a Jersey citizen”.
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Cheers Richard!
Well if the Finance Industry is finished then I’d better get my house on the Market and apply for my Australian Visa now then.
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Cheeses
That argument doesn’t wash anymore. No one is talking about private individuals. It is the structures, companies, trusts, vehicles that do the damage. High net worths do not tend to do most of their so called investments under their own name. That would be too easy for tax officers to request the information.
You really should read more about it. Your view is so narrow, and so utterly biased towards inequality and corruption that it comes across as rabid.
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Cheeses of Nazareth (19) It has absolutely no chance of being a success.
Dear Cheeses, You have your views, naive or otherwise, which you chose to express most stridently. However, you make to attempt to articulate as to why you may hold such views, other than you believe them. Hence, it follows, your view have not been considered and are likly to be groundless.
You may not like Richard Murphy’s view, but at least he has taken the time to argue his case. Read and reconsider, on the basis of your respective arguments it is you who appears to be the self-proclaimed expert who actually, as you put it, “knows the square root of sod all”.
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Arnald and Mark
We will have to agree to disgree.
As for my knowledge, I have over 30 years experience at the coalface as a prominent offshore-based international tax advisor for international clients, every single one of whom is totally compliant with every jurisdiction with which he/she is connected.
Richard Murphy, on the other hand, is a retired chartered accountant. His direct experience of international tax is clearly very limited, based on his CV, and even more limited based on the ignorant comments that he posts on his blog. I can assure you that he really does know very little, but thinks he’s an expert, especially in relation to offshore matters. Unfortunately, the postings of anybody who tries to correct him and expose his ignorance are blocked by him so that he doesn’t look stupid. Well, outside of the protection of his own blog he manages to achieve that very easily through highlighting both his ignorance and his naivety.
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Cheeses
Don’t you see what you are saying?
Because you are so embedded in your profession as a tax adviser specialising in harmful tax practices that reduce the capabilities of other jurisdictions to make competent decisions, you are unable to see beyond the back of your wallet.
Your stance will of course satisfy your clients, fair enough, but it is not a stance that sits comfortably with the causality of your clients’ actions.
It’s not too difficult to understand.
The analogy is an arms dealer. Who cares if anyone suffers as long as client/dealer relationships are ‘gold standard’.
As for blog moderation….you don’t have a clue. Try posting anything on any blog that disagrees with the subject and it will be moderated. His blog is more liberal than many of the well known political sites.
You are speaking from a position of outright bias and little vision.
Vision is what needs to be debated. Not the security of your clients’ secret transactions.
The world is bigger and badder than that
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Well said Cheese.
I am also ‘experienced at the coalface’ but havent done half as many years as yourself. I also tried to throw a few counter arguements on RM’s blog, and also these were blocked. I 100% agree the he does know very little and I am surprised at how much press coverage that this man is given.
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well said Cheeses! It’s about time the people of Jersey stood up against Richard Murphy and the pseudo-economics he spouts. Despites his (many) self-professed claims to being an “expert” he really doesn’t know what he is talking about.
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Adrian #14
If you cannot trust the current administration or believe their civil service can operate efficiently how can you trust them to take more control of wealth and re-distribution? You can get rid of the rich through wealth distribution or pushing them away and fill their mansions with the needy, but where’s the money going to come in from when there’s only the needy left?
You’ll find pensioners who struggle are in most cases those that failed to look forward or pay adequate stamp. The basic pension (provided you’ve worked and paid stamp) is not going to make you rich but is enough to get by. Throughout your working life you have the choice of whether you wish to have a comfortable retirement or one where you scrape by. I’d prefer to make my own decision on that on not let the government make it for me.
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Much of Finance dealings are above my head, it is with most people if they are honest enough to admit it, I did get the impression the the appearance of Geoff Cook on CTV may not have been his finest hour.
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#40 Cheeses of Nazareth – “I have over 30 years experience at the coalface as a prominent offshore-based international tax advisor for international clients, every single one of whom is totally compliant with every jurisdiction with which he/she is connected.”
Oh Cheeses, my word you are naive. Are you telling us that you have personally viewed all of the tax returns of all your clients for their place of residence or domicile and, further, that all these tax returns declare all income or gains derived in other jurisdictions?
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Cheeses of Nazareth (40) every single one of whom is totally compliant with every jurisdiction with which he/she is connected.
Cheeses. Are you the exception or the rule? There have been many who were non-compliant and more who are likely to become non-compliant as the goal post are moved. Counter-terrorism and money laundering are intertwined, hence the need for transparency. As a gatekeeper to the financial world you should know this better than most.
If you are honest you should have no problem with transparency; it is the not so honest who fear transparency. Do you fear transparency? If so why?
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Ok, let’s get this clear.
The OECD ‘white list’ in effect relates to countries that have entered into sufficient exchange of tax information agreements to warrant not being on the grey or black list. Other countries, with Jersey and Guernsey, on that list include Andorra, Antigua, Cook Islands, Marshall Islands etc.. (only nine countries are currently grey or blacklisted). Most countries got on the white list through signing up agreements with countries including the Faroes, Greenland etc. – so really no big deal to get on the white list.
Both Jersey and Guernsey have rated highly on the FATF 49 recommendations (included in the IMF mutual evaluation reports), in fact Guernsey higher than Jersey, – however the IMF has raised serious concerns re lack of prosecutions for anti-money laundering in both jurisdictions.
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I get pretty tired of the ‘willing suspension of disbelief’ that the ‘we’re whiter than white’ bods cling on to.
The JFSC Trust Co code of practice states that 50% of Category C employees must hold a relevant professional qualification. The large institution I work at consistently fails to achieve this. Is that the kind of administrator you want managing your interests?
The same institution was full of lawyers who argued, with a stright face that they were exempt from the UK Law Society CPD requirements because they didn’t practice UK Law. Is that the kind of professional you want representing your interests?
This Company was also unable to produce references, proof of identity and proof of qualifications for a significant number of its staff. Do you want to engage the services of a Company who can’t actually prove the qualifications, probity or even identity of its employees? What does this say of their approach to other regulatory matters?
The company in question is one of the biggest and ‘best’. God only knows what goes on in the smaller, less well run institutions.
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@ 40 As a retired chartered accountant, being Richard Murphy, and being privy to what tax lawyers such as yourself have the ability to conceal, I have much respect for the fact that he is not like a majority and does account for EVERYBODY. That to me is someone worth their expertise and his reflection on what he has learnt which is much needed in this Island. The statements which you make prove you to be like all the other greedy, self orientated peacocks who have no moral ethic, no vision and no respect for humankind.
@ 38 @39 @ 41 @46 @47 and 48 I salute thee.
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Having read so many of the above comments,
In not bothering to attend R. Murphy meeting on Monday night few have knowledge of what honesty, transparency, or accountability is.
Typical of people who will keep their heads buried in the sand. Same people who refuse to listen to the rumblings coming from UK, and E.U,to seek alternatives if the finance leaves,In spite of J.E.P news of never ending cuts, price increases, Large amounts of money bringing people from outside for hospital treatment,
.Taxes meted out to people here who struggle,
and must pay higher taxes G.S.T.e.c.t., all to keep (none local businesses) here while their profits get sent off the island.Are we not heading in same direction and pitfalls,by being treated like third World countries,whose money leaves the people a great deal poorer? While Rich don’t pay By States refusing zero ten we are now paying higher taxes.
.R.Murphy’s meeting was both revealing with all questions answered.R. Murphy,having previously warned the States to keep zero ten when here some time ago. Looks as if truth speaks for itself.
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J cat “must hold a relevant professional qualification…”
Do you mean “burger flipping” quallies?
This will be the type of job alternatives for many in finance should they loose their jobs. That’s if they even get a job. From some of the examples I have seen the American ground squirrel could out perform them whilst asleep.
J cat what you say, if true, appears pretty damning to me. It will be interesting to see what Cheeses has to say.
Vicki morals and ethics were sold down the river 40 years ago.
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“All this mumbo jumbo about ethics” – #13
LOL. That pretty much sums up this place.
I am glad that all those who think Mr Murphy talks rubbish and come on here to defend the finance industry went to his meetings in order to defend the industry to his face. Well you did didn’t you?
Quite simply it doesn’t really matter what he thinks, what anyone here thinks or, for that matter, what I think about the good and bad points of our finace industry. What matters is what Europe and the USA thinks of it. If they don’t like it it will be changed, if they are happy, then we jog along as we are.
All this bickering here is pretty pointless and, while it might be an attempt to sway public opinion on the issue by needlessly slagging off various personalities, it will change absolutely nothing. Public opinion is irrelevant. We have more hope of effecting the outcome of Dancing on Ice.
What is important is that we listen with open minds to experts so that we can do something to pre-empt or mitigate against any changes that might be forced upon us. It would, after all, be more of a disaster to arrogantly ignore warnings rather than to instigate change from within.
Remember, Finance Minister and accountant Ozouf has publicly stated that in November 2008 he could not have envisaged the global econmoic downturn, notwithstanding that there were clues and experts everywhere screaming at us that it was on its way. Well, at least that’s his excuse for renaging on his election promise to “robustly oppose any increase in 3% GST”!
Ignore warning signs at your peril.
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Adrian
If what JCat says is true, then its despicable. I don’t know of any sizeable companies who fit that description at all, so I’ve no idea whethere its true or not.
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R. Sisore – what planet are you on, thining that if Euro an dUSA don’t liek it that it will change. USA, UK and Euro have never liked the concept, but each zone have their own equivalent (Switzerland / Caymans / Singapore / Lord Howe Island). It hasnt changed in fifty years and won’t.
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So sorry Real Trollseeker, I simply forgot that Jersey is so powerful in the world that it would never bow to international pressure from such minnows as the EU or USA. Silly me.
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