Our friends at Jersey Finance are supporting a major new academic study that they have made available to all our readers.
The research was undertaken by two world-renowned academics, Professors Andrew Morriss and Richard Gordon, who have produced an independent assessment of the validity of some of the most prominent arguments surrounding the use of international financial centres. The research paper evaluates such allegations, providing a comprehensive explanation in relation to the following:
• The benefits of free trade
• How and why money moves
• The beneficial role of offshore centres
• Compliance with global standards
• Tax sovereignty
The research has been described by Andrew Hilton, former World Bank expert and Director of the Centre for the Study of Financial Innovation as a “pretty rigorous academic exercise”.
The paper concludes that much of the tax lobby research is nothing more than campaigning material, and is academically unsound. It goes on to explain the purpose and use of international finance centres and their role in supporting the ‘Efficient Enterprise’ system of cross border trade and investment.
These findings reaffirm earlier research commissioned by Jersey Finance published in 2013, entitled ‘Jersey’s Value to Britain’. This study established that concerns over tax leakage were greatly overdone, that Jersey provides support for 180,000 British jobs, £500bn of foreign direct investment and generates £2.3bn in net tax receipts to the UK Exchequer.
To view the full research paper, as well as supporting infographics, videos and summaries in relation to the findings, please click the following link: www.jerseyfinance.je/moving-money
Visit the Jersey Finance website at: www.jerseyfinance.je