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A feature on Jersey in today's Guardian predicts a grim future for the Island’s economy – saying that the Island has escaped blame for its role in the financial crisis, but that its time as a player in the offshore finance industry is coming to an end.
The piece – by Oliver Bullough - says that the tourism industry has essentially collapsed, that the finance sector is declining and that there is no real desire to diversify the Island’s economy.
The writer quotes John Harris from the Jersey Financial Services Commission, States adviser Colin Powell and Assistant Chief Minister Philip Ozouf, as well as Unite official Nick Corbel, tax campaigners Richard Murphy and John Christensen among others.
The piece 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.”
You can read the piece here.
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