Deputy Alan Breckon has lodged Budget amendments to raise £6.5m by increasing stamp duty and probate charges, but Senator Walker says that ministers will fight them both during Tuesday’s debate.
He says that if the amendments are approved, it will mean a considerable loss of business to the Island, because Jersey would be charging much higher rates than competitors.
In the press conference following Thursday’s Council of Ministers meeting, Senator Walker said: ‘This is a serious problem. If he wins, then we are very, very uncompetitive and we should not underestimate the possible effect of that. We are fighting like crazy. People tend to think our finance industry is like a gift and that we are entitled to it.’
