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| Jersey To Invest In Financial Services Sector |
by Jason Gorringe, Tax-News.com, London
Tuesday, March 02, 2010
The Jersey government has announced that it is to invest fiscal stimulus funds
to protect jobs in the island's finance industry.
In total GBP2.42m (USD3.6m) will be invested into projects to protect and develop the
island’s financial services sector as it comes under increasing pressure
from the effects of the global downturn and the proposed European Union (EU) regulatory changes.
The fund is to be used by the Chief Minister’s department and the Economic
Development department, to protect Jersey’s most important industry from
external threats, and to develop new business with emerging markets overseas
as well as to promote inward investment.
It is expected that the move will enable the island to better control its
future. For example, funds will be used to strengthen the island’s influence
in Brussels to raise awareness of Jersey as a well-regulated jurisdiction and
to seek to counter any threats to continued EU market access, including the
City of London. Grants will also be awarded to Jersey Finance Limited by the
Economic Development Department to support a range of initiatives including
plans to open a third overseas office in addition to London and Hong Kong.
The Economic Development Minister, Alan Maclean, commented:
“It is extremely important for the island’s economy that we support
its main industry through these difficult times.”
“The finance industry directly contributes 53% of Jersey’s wealth
and employs 13,000 islanders and much more when the indirect impacts on other
sectors in the economy are taken into account. This money will be used to protect
these jobs and those elsewhere in the economy and promote inward investment
which will help companies in Jersey survive the global financial crisis. I believe
it will help achieve one of the key aims of the fiscal stimulus, which is to
lay the foundations for future economic growth and employment across the economy.”
Jersey Treasury Minister, Philip Ozouf, added: “These fiscal stimulus
funds will be used to manage the risk of adverse impacts on Jersey arising as
a result of new regulation and legislation by the EU and other major trading
blocs. By doing this, we are taking the necessary steps to protect Jersey’s
existing industry while looking at new opportunities to develop business in
strongly growing economies such as India and China.”
“We cannot ignore the external threats which our island faces. By investing
this money in support of our major industry, we hope to help preserve and expand
our economy which is to the benefit of all islanders.”
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