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Friday, 5 October 2012

"Geoff Wants Another 5 Million Of Your Dosh!"

Finance industry seeks extra £5m for
expansion funding
Jersey Finance chief executive Geoff Cook
THE finance industry lobby group is seeking an extra £5 million of taxpayers’ money over the next three years to promote Jersey in more places around the world.
Jersey Finance says that if its expansion plans are successful, then all of the cash will be repaid in full through taxes and job creation by the end of 2015.

The money being sought in the latest round of States budget requests is in addition to the £1 million that Treasury Minister Philip Ozouf pledged this week to fund an Economic Development scheme to secure the industry’s future.

That cash is to be used to carry out research into how the industry should develop and part of it will fund the recruitment of international consultants McKinsey & Company.

Jersey Finance chief executive Geoff Cook said that the extra £5 million was needed to help the Island expand its marketing efforts in regions where it already has a presence, such as the Far East and the Gulf, as well as into new countries for Jersey such as Brazil and Scandinavia.



  2. Off topic sorry, Minty suspended for not obeying a lawful order!

  3. haha Oops see you've already got story :)))

  4. It started so well, the idea of a shop window for Jersey's Finance Industry. The idea was to bring in civil servants armed with a remit and enthusiasm and several hundred thousands pounds of tax pounds. Across the table would be the big players, the expert bankers from the private sector also keen with the same financial stake of hundreds of thousands to show-case Jersey as a top financial centre to the world.

    Civil servants soon found that the banks were not keeping their word as they argued that the monthly meeting with their top executives and managers would have cost thousands to any client so Jersey Finance should take that as the banking industries contribution. Forget the equal financial money share to be paid in.

    Then the Shop window run by quango / civil servant rapidly expanded. Then from a shop it has become a superstore funded of course by taxpayers. Has any one done an efficiency study on the new business generated, well no and yes. Statistics say that the Financial sector is still dropping and Jersey has contracted 14% in three years. So we can take that as a no then the shop Jersey Finance is not working.

    What to do ? thats easy, the banks still have billions at their disposal and are experts at making money and selling their services. Jersey wants to take more from the pensioner, the no milk for children the GST on food tax to help promote banks by another £5million.

    The middle to low classes that pay tax are now actually paying heavily for promoting banks that could easily afford do this themselves.

    Banks and finance house's get generous tax breaks, the shortfall also being picked up by the islanders in increased stealth and other taxes. Remember 20 means 20.

    Until it is proven that the finance houses are incapable of doing their own marketing, and that any effort made by Jersey Finance is actually reaping rewards to the treasury coffers, and by extension reducing the tax burden on the islanders, then not a penny more should be given.

    1. That is a bit like BDO Alto trying to charge the regular tax paying Jersey people a fortune for having to come in and defend tax-payer funded work on a report which left more questions than answers. The audacity to do this is part of their systematic feudalistic and greedy thinking. It may not even rise to the level of thinking. It is perhaps their instinctual faith that they are entitled to be paid luxuriously for their time by the average taxpayer even when their work is not in the tax payer's interest. We pay people to marginalize and rob us further, and to force prices out of our reach.