Time for change in economy?

The man in charge of Jersey's purse strings will next week be asked whether the island is too reliant on the finance industry.

The questions facing Senator Philip Ozouf come just days after more bad news for Jersey's banking sector.

First it was Guernsey's outgoing Treasury and Resources minister who flagged up the Channel Islands PR problem, the age-old issue of being labelled a tax haven.

Now his counterpart in Jersey is set to be grilled about that very issue. Senator Philip Ozouf will next week be asked in the States whether it's time to work harder on diversifying the economy.

There has been a run of bad news for the finance sector, most recently news that HSBC is axing 96 jobs in the islands.

And just this week Rupert Murdoch, on the eve of his appearance at the Leveson Inquiry, fired a shot across the bows of Jersey and Guernsey by directly flagging up the billions of pounds in the Channel Islands which he calls a 'tax racket'.

So does Jersey's Treasury minister agree it's time to think again? We'll find out in the States next week. (from CTV)

Guernsey should be asking this same question.

I agree - but why have they waited so long - they are resting on their laurels (Finance) which we were taught at school was not really clever!!!!

This is probably not a read for a relaxing Sunday night, but never less, brings up some relative questions. How would you feel if the private business of selling diamonds, gold or double glazing put the Government into a worse financial position racking up massive depts, that the good working people of Guernsey through taxes ( often increased ) have to pay off. The point being that this private business selling is something that the Governments including the channel islands already can and should control / make without the help of banks.

It does seem puzzling ! but this article I discovered on a local blog explains it far better.



Quote:-

But the real treason currently being carried out on the British people by Her Majesty's Government involves the nation's money supply. The crippling debt burden that is currently shaping the fiscal policies and strategies of our nation has been arrived at by unlawful means. The so-called 'Deficit' and 'National Debt', which are causing increasing misery for law abiding families and businesses, not to mention putting at risk our nation's defences, only exist as a direct result of allowing the private banks to be involved in our nation's money supply.

http://therightofreply.blogspot.co.uk

BB.