Finance profits drop

PROFITS in the finance industry last year were at their lowest levels since records began, according to official figures released today.

The level of profits at £605 million fell by 25% last year from £809 million in 2009 and plummeted by 60% compared to 2008 when profits were at £1.5 billion.

They were at their lowest since the survey of financial institutions started being compiled in the mid-1990s.

The Island’s Treasury Minster Philip Ozouf said that the falling figures did not mean that there would be any need to hit Islanders in the pockets with tax increases to make up the difference.

He said that financial forecasts had already been revised downward twice and that actual taxes received for 2010 were not reflective of such a large drop in industry profits. (from JEP)