Advertisement

Jersey 'heading towards bankruptcy', according to national newspaper

Credit: Guardian Wesbite

The Guardian newspaper has published an article today criticising the island's offshore finance industry.

(St Helier) It is cleaner, busier, neater, brighter than almost any seaside town you will find on the British mainland. Appearances are deceptive, however. Jersey looks rich – but it is heading towards bankruptcy.

– Guardian Newspaper

Published under the heading ‘The fall of Jersey: how a tax haven goes bust’, the article analyses the islands economy, suggesting that it's focus on finance has allowed other industries to "shrivel".

Journalist Oliver Bullough speaks to a number of local figures in the piece, including John Christensen from the Tax Justice Network, a former resident and long-time critic of the offshore finance industry.

The article concludes:

Perhaps Jersey has bet so much on finance that it can no longer afford to stop increasing its stake. It will have to keep doubling its bet until the money runs out. If it cannot live forever from finance, it looks like it is going to die in the attempt.

– Guardian Newspaper