Opalesque Industry Update - Jersey’s finance industry facilitates almost €190bn of foreign investment into the European Union (excluding the UK), supporting in the order of 88,000 jobs across those same member States, according to an independent report launched today. Jersey also supports an estimated 250,000 British jobs. A Jersey Finance-commissioned report, entitled ‘Jersey’s Value to Europe’, has been published by Capital Economics, and demonstrates the vital contribution the jurisdiction makes to the economies of the European Union. Meanwhile, a separate report, also launched today from Capital Economics and entitled Jersey’s Value to Britain, builds on previous research undertaken in 2013 to outline the current value of Jersey to the UK. Taken together, they provide a comprehensive summary of Jersey’s total value to the EU, be it in terms of jobs, investment or extra tax income. The reports’ main findings are:
Geoff Cook, CEO of Jersey Finance, said: “Jersey has the flexibility and freedom to provide the taxation, regulatory and supervisory regimes required by clients with cross-border asset portfolios. That is why Jersey has become a leading international financial centre. And even though its footprint is nowhere near as large as centres such as Luxembourg and Switzerland, the Island has attracted a mix of skills and financial businesses that account for a quarter of its 59,000 jobs and two-fifths of its economic activity.” Mark Pragnell, Head of Commissioned Projects at Capital Economics, said: “Jersey is unambiguously European, with unique relationships with the United Kingdom and the rest of the European Union. Jersey’s freedom to legislate and govern, and determine its own taxes, has allowed it to become established as a leading centre for international financial services, one whose expertise benefits all the constituent countries of the EU.” Jersey was also featured in an Opalesque Roundtable, which can be downloaded here: Article source - Opalesque is not responsible for the content of external internet sites |
Industry Updates
Jersey’s finance industry’s €188bn foreign investment into EU found to support 330,000 jobs
Wednesday, October 19, 2016
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