The report has already stimulated a great deal of interest with policy makers, the media and City firms, with its conclusion that Jersey is of significant benefit to the UK.
In the first rigorous analysis, the report calculates the scale of the various financial asset classes that Jersey mediates and details the remarkable value of the various types of transfers it makes to the UK. It also provides estimates of the cost to the UK Treasury of tax evasion and avoidance through Jersey, and predicts that the already relatively low numbers will further dwindle following the recent signing of tax information exchange agreements with the UK.
The report further highlights, that through the management of over £1trn of international wealth, Jersey supports around 180,000 jobs and generates up to £2.3bn in tax receipts for the UK Exchequer, the equivalent of around £35 in tax revenues for every man woman and child in the United Kingdom.
We in Jersey always believed that our jurisdiction is a benefit to the UK, but did not have the data to demonstrate it. With this report, Capital Economics have provided evidence confirming Jersey is of overwhelming benefit to the UK.
Our Tuesday launch day started with a private briefing which I undertook to the CityUK Advisory council comprising leading City figures and chaired by Sir Win Bischoff.
This was followed by a standing room only launch event at Drapers Hall which drew a very strong City crowd as well as political attendees.
Some quotes on the report so far have included Roger Gifford, Lord Mayor of the City of London, who said that Jersey was a "fantastic adjunct" to the UK economy. He went on to say "They gather funds in a tax-efficient way and send them on to London. That's a great advantage to the UK."
The FT, in their analysis of the report, picked up on the fact that "three-quarters of the money invested in Jersey ultimately belonged to investors who were not British, including just over £150bn – 13 per cent of the total – belonging to non-doms."
CityAM also carried an article this morning providing further positive coverage.
More comment to follow on the report (available to download on this website) over the coming days.