It all adds up to north of £720bn with around £120bn being financed from borrowing.

To see just how much debt the UK is rattling up have a look at this:

Small wonder then that we have UK FATCA to deal with given the dire state of UK public finances.

Recent research we have commissioned indicates that potential tax leakage via Jersey is very small, and will make a contribution of only around 0.1% at best to closing the annual deficit shortfall facing the UK Exchequer.

The FATCA agreement will come into force in 2016 and will deal with any potential leakage in any event.