The island’s 2008 Budget, published today, says that ordinary islanders will pay less or just a few pence more every week as a result of the Budget. However, businesses, especially those in the finance industry, will see a 400% property rate increase. Like Jersey, Guernsey is trying to promote economic growth to fill some of its tax ‘black hole’. But having raised Social Security contributions and cut spending, they are expecting a tax shortfall of £25m when they switch to the zero-ten system they have labelled a ‘grey hole’.
The Heart of Island Life
