Economy of Jersey

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The modern economy of Jersey is largely driven by international financial services & legal services, which accounted for 53% of total GVA in 2007.[5] Other sectors include construction, retail, agriculture, tourism and order fulfillment, such as internet based selling.[6]

In recent years (2008) Jersey’s Gross National Income per capita has been amongst the highest in the world.[7] The Genuine Jersey Products Association[8] certify products as being made/sourced in Jersey.

Financial & Legal Services

Jersey based financial organisations provide services to customers worldwide. In June 2008, it was reported that 12,070 people were employed full-time, within this sector.[9] The Royal Bank of Scotland International (RBSI) is a major employer with some 900 staff employed in Jersey, as of March 2009.[10]

The finance sector profits rose to about £1.5 billion in 2007, representing a real-term increase of 12% on 2006.[7]

Jersey is a tax haven,[11] and so attracts deposits from customers outside of the island, seeking to reduce their tax burdens. Its taxation laws have been widely criticised by various people and groups,[12] however the Chief Minister of Jersey, Terry Le Sueur, has countered these criticisms, saying that "Jersey among cooperative finance centres".[13]

Jersey's finance industry featured in a BBC Panorama documentary, titled "Tax me if you can",[14] broadcast of 2 February 2009.[15]

On 4 February 2009, Jersey Finance officially announced its intention to open a new representative office in London.[16]

At the end of 2008, deposits in Jersey banks totalled £206 billion, down £6.2 billion from £212.3 billion at the start of the year.[17]

Construction

Construction represented 5.2% of GVA during 2007. In June 2008, it was reported that 4,980 people were employed full-time in the construction and quarrying sector.[9]

St. Helier, and the Waterfront area in particular, has seen much redevelopment during the early 21st century, with several projects in planning or under-construction during 2009. Developments include a leisure complex,[18] the Radisson hotel,[19] and a new central bus station - Liberty Station. As of 2009, there are plans to sink the A1 road, to provide building sites above it for offices,[20] possibly for financial companies.

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