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| Link to The Guardian |
"Five years ago, at its peak, the value of assets held through Jersey –
its offshore banks, trusts and investment funds – was estimated at
£700bn-£800bn, according to the island's former chief adviser Colin
Powell. The figure is equivalent to about half of the UK's annual
economic output.
"Finance dominates life in the Channel Islands,
particularly Jersey and Guernsey, where it accounts for almost half of
economic activity. The island capitals of St Helier and St Peter Port
are dotted with familiar-named banks, many of them institutions that
have survived only after bailouts from taxpayers elsewhere in the world.
"If
the past five years of global financial turmoil have not entirely
passed the islands by, they have left them relatively unscathed, even
though the economic output of Jersey's financial sector has shrunk by almost a third."
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