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Offshore “attacks” could hurt global prosperity, says Jersey Finance CEO

Jersey Finance chief executve Geoff Cook says the latest attacks on the use of international finance centres are driven by a “short sighted grab for tax” which could harm global prosperity.

In a recent blog extract, Cook says the combined effects of the clampdown’s protectionist measures will be to trap capital within borders and significantly reduce overall economic activity.

He says: “The net effect will be a constriction of wealth, a reduction in tax bases and a loss of global prosperity, driven by a short sighted grab for tax, all delivered through the Trojan horse of transparency.”

Cook highlights the aggregated deposit value supplied by the three Crown Dependencies is significantly greater than that supplied by the Bank of England.

He says: “Contrary to the myths propagated by detractors Jersey’s deposits are gathered from over two hundred countries across the globe, and with the majority held in non sterling currencies, it is undeniable that substantial additional financial value is brought to the United Kingdom by its loyal Crown Dependency.”


Analysis: US banks under stress

Ten of America’s 19 largest financial institutions might be required to raise a total of $74.6 billion (£49.5 billion) in capital, according to the official American “stress tests”.The institutions had to undergo the stress tests, officially known as the Supervisory Capital Assessment Program (SCAP), so that regulators could determine whether capital buffers were sufficient enough […]

Find the facts for a basis for regulation

Since the introduction of regulation in 1986, Britain has seen a dramatic reduction in choice and competition in many areas of the financial market.

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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