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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.”

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