EU may blacklist Jersey as tax haven post-Brexit

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Colin Powell

JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned.

Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell said that when Britain leaves the EU, the Island and the other Crown Dependencies could soon need to ‘bat for themselves’ as offshore finance centres, as they will no longer be represented by the UK in Brussels.

Mr Powell, who is the Chief Minister’s economic adviser and has been at the forefront of developing the Island’s finance industry for decades, added that Jersey could need to seek new alliances with remaining EU member states, such as Malta, Ireland and Estonia, to speak on its behalf post-Brexit.

Last week, UK Prime Minister Theresa May gave her strongest indication yet that she intends to lead Britain into a ‘hard Brexit’, which would mean a complete exit from the EU single market and customs union [area of tariff free trade].

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Comments for: "EU may blacklist Jersey as tax haven post-Brexit"

Kaz81

This is bound to happen when we offer Zero Corporation Tax.

Guess it's time to sell your House because when the blacklisting does happen the economy will go into reverse.

Jerseyman65

The EU will hopefully collapse and disappear very soon, leaving us able to negotiate freely with other European countries and not with an undemocratic political organisation.

Saltpluslight

Exactly, I hope the collapse of the EU isn't too painful for the ordinary citizens of Europe but collapse it will, thankfully.

Shadow

I think it started a while ago, not with a vote from UK citizens wanting out. Ask any Greek, Spanish or Portuguese people how they wish they had their own currency back pre the Euro. I'm not an expert, but I'm guessing they do. And I know it's not all about currency, but that plays a big part in it does it not? only ones who really benefitted from that was the banks, they just love to fix things don't they.

Shadow

Don't forget about Russia and South Americas, Panama anyone?

Oldwoman

Good job where building all those offices at the waterfront. Still like Mr Ozouf says they are pretty.!

Island Strife

Bring it on.

Sooner the better.

Love to see the range rover / audi / BMW (HP) owners all have to sod off back to the uk. That will reduce the population by a good 20k in an instant.

And dont bother asking me what will happen if finance goes.

I could not give a hoot for the industry or the fallout from it's "tax advising" ways.

It's all a con and corrupt.

Good riddance

Mickey Mouth

All this time the UK was defending Jersey's tax haven status - who would have thought it!

Macfadyan

What do you expect? Jersey is a parasite on countries from around the world, living off money that could help hospitals, education, the enviroment etc.... The island gets what it deserves unless it changes its ways

Shadow

Don't forget the Jersey people who are 100% paying for its own banking system. Imagine owning a company which earns millions and more each year and pay 0% tax, yet you have someone who lives in Jersey earning £16k and pays 10%. Great isn't it. Who has the better economies of scale I wonder.

S2

and the majority of us that pay 26% (20% income tax, 5% SocSec and 1% health care)

Realist

The UK and the City of London are already looking towards usurping the Jersey model of low taxation to attract investment, following Brexit. First step achieved. Removal of Ozouf. Own gaol or something more sinister? Either way, the economic strategists in Whitehall must be laughing in their shoes. All hail to those, who want rid of our Island's finance industry, those who stood side by side to object to the waterfront financial quarter, those that believe that we should not have the right to determine our own economic future and those that do not understand the implications.

AJ

Nobody knows what the full impact of brexit will be....because of the stupidity of that vote we are all going to pay the price...and with a plonker running the USA I would say the world is in the sh.t!

S2

oh, don't cry! Its because of the ineptitude of previous governors that Brexit and Trump were allowed to triumph.

Brexit, pff, I mean, independence for the UK, better immigration controls and freedom from unelected bureaucrats imposing swinging tariffs, laws and fines. Apart from that, what will it do for the UK?

Devil's Advocate

The EU does not consist of un-elected bureaucrats imposing things.

http://blogs.lse.ac.uk/europpblog/2016/06/21/is-the-eu-really-run-by-unelected-bureaucrats/

Simple sense

The Euro would always be a doomed currency thanks to not having fiscal union and a federal structure but Jacques Delors gambled on the latter being forced on Europe as a consequence of the Euro. He is really the villain of the situation. Europe as a trading economic community, was and is, a great project we should all stand by that. Europe tied together by an over valued Euro and run by belligerent Liberal elites is a disaster, and it is that Europe, Britain voted to leave. I love the former Europe and detest the latter. Let the French, Germans, Italians Spanish etc be themselves for all their idiosyncrasies that make them what they are. We thrive being different, not under some grey amorphous super state run on German fiscal policies.

I do after dinner speeches, very reasonable!

Pierre

With French banks covering up US$billions of African politicians money and the London housing market being driven by Russian and Asian money, perhaps we should put them on our blacklist. Also, where was the sub-prime industry financed.....not in Jersey

Seriously though, we are just an easy target for these EU bureaucrats to shoot at while hiding from what is looking at them on their own doorstep.

We should "diplomatically" stick up for ourselves.

C Le Verdic

Colin Powell, eh!

Arguably the man who started the ball rolling towards the present day finance industry.

Full circle, eh. What irony.

If he's not too old for it, Jersey might soon be needing an economic adviser.