From Mike Alexander.
THE Bible quote about the love of money being the root of all evil would be an ideal summing up of Jersey as we come to the end of 2022.
Because where else in the world does an island offer zero corporation tax for companies, yet puts tax on food?
Where else in the world does an island give preferential treatment to tax-avoiding financial business only concerned with getting around inheritance tax, corporation tax and capital gains tax to the annoyance of other countries?
Where else in the world do wealthy tax exiles not only get a special low rate of income tax, but are allowed to build luxury houses by the sea on Jersey’s most recognisable landmarks?
Where else in the world do investors with the encouragement of government show no concern about the consequences of an overpriced property market and its effect on future Island fiscal and economic sustainability – especially when we have an aging population. Often, this is fuelled by developers and local buy-to-let investors, some of whom are politicians.
Where else in the world does an island do business with countries that start illegal wars and others that have appalling human rights records, while hiding behind the lame quote of ‘but we are well regulated’ to justify it?
As I write, I read in the news that homeless shelters are unable to cope, there are record numbers of food bank users, young people are having to seek an affordable life elsewhere due to over-priced housing, and there are major gaps in Health and Social Services due to staffing problems brought on again by the cost of housing. While visiting a local supermarket, I witnessed groups of people gathered around the food discount bins in some desperate attempt to get a cheap meal tonight. All this a month before Christmas.
But then again, do I have to worry about any of this while living in Jersey? Because from what I see, as long as the Island’s finance industry is doing well with its tax-avoidance services, people are making big money from property and tax exiles can have their luxury houses by the sea, the love of money is all that matters in this island and that’s that.
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