Guernsey's Chief Minister is out there pressing the flesh and persuading the world that we have sufficient disclosure agreements (13) to avoid being black listed as a tax haven.
According to him the OECD agree with him and the G20 summit should confer a 'white list' status on Guernsey. If he is right and Guernsey is differentiated from other less open jurisdictions the local economy will undoubtedly benefit big time. If he is wrong, his reputation and the island as a whole may sustain the most damaging assault since the days of Dutch subsidies brought about the decline of the tomato industry.
It's a high stakes game for Minister Lyndon Trott and the economy of these offshore islands.
Bob
Showing posts with label Guernsey. Show all posts
Showing posts with label Guernsey. Show all posts
Tuesday, March 31, 2009
Monday, March 23, 2009
Life After Finance
The islands seem as unprepared as ever for the withdrawal of the Finance Industry and we continue to place all our eggs in one basket.
What can we do?
Well there aren't that many options but one absolutely gold plated option is the investment in Tidal Energy. Not only will this provide a potential future income stream by selling electricity to France but it will also enable the island to power other industries as much reduced cost thereby increasing their competitiveness.
Two examples of this are the Data centre Hosting business and - dare I say it - Growing!
Data centres run mainly by the telecoms providers locally currently consume huge amounts of electrical power and generate large income streams. The gambling industry uses most of this, probably more than the financial sector and it is set to increase. In London the capacity is limited not by available space for data centres, but available power. So an offshore jurisdiction without such constraints will be highly attractive to a number of industries.
More conventional industry also needs electrical energy and with escalating costs this offers a potential opportunity for Guernsey Growers. Remember the decline of out tomato industry? It was subsidised fuel offered to the Dutch growers that finally put the last nail in our coffin. The Dutch could extend their growing season at very little cost and so produce more fruit and reap more benefits of scale. Of course, the Spanish have always had the advantage of a naturally extended season but, and it's a big 'but' consumers are becoming increasingly aware of 'food miles' and they want to but from closer to home. Imagine a locally growing industry powered by Tidal Energy to once again extend the season!
Not only are these opportunities emerging as potentially decreasing our dependence on the single financial industry, but they are also bang on the environmental issue as well.
Guernsey needs to wake up and recognise this opportunity fast.
This might just be what life after finance looks like - and it doesn't look bleak!
Bob
What can we do?
Well there aren't that many options but one absolutely gold plated option is the investment in Tidal Energy. Not only will this provide a potential future income stream by selling electricity to France but it will also enable the island to power other industries as much reduced cost thereby increasing their competitiveness.
Two examples of this are the Data centre Hosting business and - dare I say it - Growing!
Data centres run mainly by the telecoms providers locally currently consume huge amounts of electrical power and generate large income streams. The gambling industry uses most of this, probably more than the financial sector and it is set to increase. In London the capacity is limited not by available space for data centres, but available power. So an offshore jurisdiction without such constraints will be highly attractive to a number of industries.
More conventional industry also needs electrical energy and with escalating costs this offers a potential opportunity for Guernsey Growers. Remember the decline of out tomato industry? It was subsidised fuel offered to the Dutch growers that finally put the last nail in our coffin. The Dutch could extend their growing season at very little cost and so produce more fruit and reap more benefits of scale. Of course, the Spanish have always had the advantage of a naturally extended season but, and it's a big 'but' consumers are becoming increasingly aware of 'food miles' and they want to but from closer to home. Imagine a locally growing industry powered by Tidal Energy to once again extend the season!
Not only are these opportunities emerging as potentially decreasing our dependence on the single financial industry, but they are also bang on the environmental issue as well.
Guernsey needs to wake up and recognise this opportunity fast.
This might just be what life after finance looks like - and it doesn't look bleak!
Bob
Wednesday, March 11, 2009
UDI for Guernsey?
A leading Guernsey Advocate has today barely fallen short of proposing the island declares UDI perhaps in conjunction with the rest of the Channel Islands.
The frustration arises from continued interference by the UK into constitutional matters within Guernsey.
He points out that the island never set out to be a so called 'tax haven', it has evolved into a low tax jurisdiction primarily by adopting prudent fiscal policies that many - including the UK - would do well to emulate.
Guernsey people are proud of their independence and this call for a 'movement' to sponsor a major change in the relationship with the UK is likely to receive popular support locally.
The frustration arises from continued interference by the UK into constitutional matters within Guernsey.
He points out that the island never set out to be a so called 'tax haven', it has evolved into a low tax jurisdiction primarily by adopting prudent fiscal policies that many - including the UK - would do well to emulate.
Guernsey people are proud of their independence and this call for a 'movement' to sponsor a major change in the relationship with the UK is likely to receive popular support locally.
Friday, February 20, 2009
800 Years Old Petition Rights to The Queen Invoked
The action group to help local depositors from the collapsed Landsbanki group have invoked petition rights granted 800 years ago to the Queen of England. It is one of a number of ancient rights arising from the unique relationship between the islands and England, in particular the monarchy.
The petition 'prays' for the queen's indulgence to intervene using her influence with the UK Government.
Local depositors lost out despite the bail out of UK counterparts by PM Gordon Brown. The petition is keen to stress that these are ordinary locals who have lost out, not rich tax dodgers. An explanation perhaps necessary in these times when so many have an opinion about the island's tax status.
Bob
The petition 'prays' for the queen's indulgence to intervene using her influence with the UK Government.
Local depositors lost out despite the bail out of UK counterparts by PM Gordon Brown. The petition is keen to stress that these are ordinary locals who have lost out, not rich tax dodgers. An explanation perhaps necessary in these times when so many have an opinion about the island's tax status.
Bob
Wednesday, February 18, 2009
Hard Luck for Boaters
They're at it again!
This time the developers want to destroy our beautiful old careening hard to make way for plastic super yachts. They just seem hell-bent on ripping up every inch of our island and turning it into another bland over-commercialised non-entity.
The fact is they are desperate to spend their money on some kind of capital project, let's face it interest rates are rubbish and there's not much to excite investors at the moment. So build, build, build - it's a great time to exploit low labour and material costs and achieve future returns when sanity is restored to the markets. The only problem is, to build you have destroy what's already there.
So our lovely old careening hard is the latest target.
I can't help wondering if his has been thought through. Large yachts need lots of water and one of the pluses about the hard is that it dries out so well. So to keep the water in they will need a large gate and then access will only be possible in restricted tidal windows. Will this restriction and the noise of the busy town traffic appeal to the super-rich? Perhaps the area will be sealed off behind security gates to protect these valuable yachts from us plebs who like to wander around this area. And how many super-duper yachts do they expect? The last time I looked you would struggle to maneuver more than two or three at a time especially if the promised improved access for the Trident is fulfilled.
No guys, this isn't a good idea. Go and build somewhere else and leave our heritage alone!
Bob
This time the developers want to destroy our beautiful old careening hard to make way for plastic super yachts. They just seem hell-bent on ripping up every inch of our island and turning it into another bland over-commercialised non-entity.
The fact is they are desperate to spend their money on some kind of capital project, let's face it interest rates are rubbish and there's not much to excite investors at the moment. So build, build, build - it's a great time to exploit low labour and material costs and achieve future returns when sanity is restored to the markets. The only problem is, to build you have destroy what's already there.
So our lovely old careening hard is the latest target.
I can't help wondering if his has been thought through. Large yachts need lots of water and one of the pluses about the hard is that it dries out so well. So to keep the water in they will need a large gate and then access will only be possible in restricted tidal windows. Will this restriction and the noise of the busy town traffic appeal to the super-rich? Perhaps the area will be sealed off behind security gates to protect these valuable yachts from us plebs who like to wander around this area. And how many super-duper yachts do they expect? The last time I looked you would struggle to maneuver more than two or three at a time especially if the promised improved access for the Trident is fulfilled.
No guys, this isn't a good idea. Go and build somewhere else and leave our heritage alone!
Bob
Wednesday, January 14, 2009
Novel Features Guernsey, Alderney and Herm
A recently released novel 'Rachel's Shoe' set in the islands is tipped to be a future movie by some reviewers!
Atmospheric scenes from the period spanning the occupation to the upbeat 1970s are the backdrop to this riveting story about a young Jewish girl rescued from the German forces on Alderney by a local lad.
The author, local man Peter Lihou created his debut novel to capture the images he remembers from his grandparents who lived through the occupation years in Guernsey.
Pre-publication sales came in from as far away as Tasmania, Spain and several parts of the USA where interest in literature from this period remains high.
A webiste promoting the book can be found at www.rachelsshoe.com
Wednesday, December 24, 2008
Change of Heart?
The latest news is that jobs have been reinstated by the Barclays, is this a change of heart?
We certainly hope so and just before Christams it would be most welcome to the families of those affected.
Watch this space for more news!
We certainly hope so and just before Christams it would be most welcome to the families of those affected.
Watch this space for more news!
Friday, December 19, 2008
Bad Form - Barclays!
The latest reports from the islands suggest that most if not all those discarded by the Billionaire Barclay brothers have now found work - that is good news!
The debate continues over the rights and wrongs of the bully boys' investments in the tiny island of Sark. What is clear is that the issue isn't about what they have or haven't done for the island nor is it about what they would or would not continue to do for the island.
The issue is about the tactics they employed to get their own way.
Most Sarkies would probably (if secretly) have supported the Brothers if they had managed the whole thing differently. For two, no doubt astute businessmen, they have been remarkable stupid in the way they have handled this. The reputations around the world have been tarnished and locally they will be regarded as parhiars in the adopted community they now call home.
In situation like this, there is only one honourable course of action. Admit you were wrong, restore the jobs you discarded with such insensitivity, and set about improving relations locally before the situation gets even worse.
This would take courage and would not be accomplished overnight but it is the right thing to do.
Whether or not their ambitions for Sark were worthy, it is their behaviour in the wake of a democratic election that is unquestionably callous.
Bob
The debate continues over the rights and wrongs of the bully boys' investments in the tiny island of Sark. What is clear is that the issue isn't about what they have or haven't done for the island nor is it about what they would or would not continue to do for the island.
The issue is about the tactics they employed to get their own way.
Most Sarkies would probably (if secretly) have supported the Brothers if they had managed the whole thing differently. For two, no doubt astute businessmen, they have been remarkable stupid in the way they have handled this. The reputations around the world have been tarnished and locally they will be regarded as parhiars in the adopted community they now call home.
In situation like this, there is only one honourable course of action. Admit you were wrong, restore the jobs you discarded with such insensitivity, and set about improving relations locally before the situation gets even worse.
This would take courage and would not be accomplished overnight but it is the right thing to do.
Whether or not their ambitions for Sark were worthy, it is their behaviour in the wake of a democratic election that is unquestionably callous.
Bob
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