To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.
The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Missing the boat again
Share this:
From Advocate Mark Renouf.
HAVING attended Phil Balderson’s inspiring IOD lunch club talk on Tuesday in relation to the exciting opportunities for the Island to diversify its economy into intellectual property services, I am struck for the third time in as many months that Jersey is too slow in adopting new laws to facilitate emerging economic activities due to the bottle neck in law drafting.
We have nearly (but not quite) missed the boat on achieving large volumes of business in the data hosting sector, where Guernsey, Alderney and the Isle of Man have stolen a march by permitting e-gaming ten years ago.
Consequently, Chris Evans, of Foreshore, reported in October that Guernsey and Alderney’s (population 65,000) international data flows now exceed South Africa’s (population 49 million), and that one single Guernsey customer exceeds Jersey’s entire internet bandwidth consumption.
I attended another conference in September where Advocate Carl O’Shea was lamenting Jersey’s slow progress on QROPS and QNUPS (finance industry products), where Guernsey had nipped in and stolen a march again.
As an offshore jurisdiction, we can survive only through being quick and innovative in identifying and exploiting new seams of business. The States must free up the logjam of drafting legislation immediately. The States can and should put more money into this now, and surely that is what the fiscal stimulus fund should be used for.
In addition, the States need to make it loud and clear that there is no objection to the private sector presenting any draft legislation it wants for consideration.
The States’ primary job is to scrutinize legislation and pass it where it thinks appropriate. It is irrelevant who drafts it. Any legislation drafted privately will also have the benefit of unlocking resources for drafting social legislation. Everybody wins.
The intellectual property industry opportunity, to name but one, is clearly a perfect fit for supporting our existing finance industry related services, and we simply cannot afford to miss the boat on this and other opportunities.
Bankers (John Boothman, in March 2010) are telling us that the peak of the finance industry may have passed and if anyone doubts that, Jersey’s output (GVA) declined six per cent in 2009, of which finance GVA fell by 12 per cent.
We need to see unity in the States and a fast, proactive approach to adopting new legislation which supports business, otherwise we will ultimately all be on the boat in the morning.
Related