The Second Interim Report of the Constitution Review Group is hardly the most exciting title that might be imagined, but the 40 pages of text which follow are nothing less than an outline for Island independence.

The authors of the report, led by the Bailiff, Sir Philip Bailhache, are at pains to point out that they have merely explored the possibility of Jersey sovereignty and that they are not recommending any move towards independence.

It spite of this, it is impossible to miss a constant theme that runs through all that has been set down in black and white – that there would be remarkably few obvious impediments to cutting loose from the United Kingdom.

We should also remember that in 1970, when the Island negotiated its special relationship with the Common Market, the UK made it clear that it would not stand in the way of independence.

It is true that the version of independence examined by the review group would retain the Queen as Head of State, but in all other respects it would end a constitutional relationship founded more than eight centuries ago. It would also mean that the Island would have to reposition itself on the world stage, seeking membership of international organisations such as Nato and the United Nations which at present we are affiliated to because of our status as a Crown Dependency.

The big question, of course, is this – why should the practicalities of going it alone be presented to the States and the public? The answer must lie, in part, in the events of the past decade, during which the UK government, the European Union and the Organisation for Economic Co-operation and Development have taken an increasingly intrusive interest in our affairs – especially where those affairs involve taxation. It also relates to the increasing number of international contacts that the Island is obliged to make on its own behalf rather than through the UK.

We are still a long way from the doomsday scenario in which the UK demanded changes to our fiscal regime that would spell the demise of the finance industry and the end of the long period during which remarkable good fortune has been a defining feature of Island life. In spite of this, we must be ready for the worst, and the report now on the table can be viewed as vital preparatory work, even though circumstances demanding a constitutional upheaval may never arise.

However, the report is also a signal that if going it alone becomes necessary, that step could be taken with every prospect of the Island continuing to thrive and prosper.