Stuttering start

[danrok]

Rogueelement - people have been happily living here for thousands of years without any "help" from 1(1)k residents. 

[cyrillem]

They are still paying 80,000 pounds a year - 80,000 pounds more than the spongers. And they aren't claiming benefits such as rent rebate.

[Steve Beddoe]

£80,000 means nothing what a cavalier attitude. I have often marvelled at the jealous green eyed spiteful envy of some contributors towards the high net worth residents. These people on the whole have got to where they are by stint of hard work, sacrifice, enterprise and discipline these are traits we should be admiring instead these people are vilified.

Yes it would be fantastic if some 11k's or whatever they are classed as paid more tax but lets get one thing straight here the rules have for some time now been quite clear on their taxation.

To be considered they have to pay a minimum of £100,000 pa to the tax man.
Whether that is 20% ON £500,000 OR 10% ON the first million I cant recall and then reducing % on subsequent millions of pa income.

In my opinion 5% of something is far better than 20% of nothing.
These people contribute greatly to this island both in the people they employ their spending and charitable contributions and the example they set.
Of course you can find bad examples but they are the exception that makes the rule.

[danrok]

£80,000 means nothing what a cavalier attitude. I have often marvelled at the jealous green eyed spiteful envy of some contributors towards the high net worth residents. These people on the whole have got to where they are by stint of hard work, sacrifice, enterprise and discipline these are traits we should be admiring instead these people are vilified.

Yes it would be fantastic if some 11k's or whatever they are classed as paid more tax but lets get one thing straight here the rules have for some time now been quite clear on their taxation.

To be considered they have to pay a minimum of £100,000 pa to the tax man.
Whether that is 20% ON £500,000 OR 10% ON the first million I cant recall and then reducing % on subsequent millions of pa income.

In my opinion 5% of something is far better than 20% of nothing.
These people contribute greatly to this island both in the people they employ their spending and charitable contributions and the example they set.
Of course you can find bad examples but they are the exception that makes the rule.

My understanding is that not all such residents pay tax at this level, some were allowed to name their price.  I don't know if they have tightened things up now, or not.

Also, not one wealthy person has ever made vast wealth without the assistance and hard work of others.  It can't be done alone.

[Uni]

 
  Having read this forum on taxes Which appears to be none
stop from top to bottom on who pays taxes and who does'nt pay
 their fair share is understandable.Where does the Goverment come in
 on all this. Is'nt the point being missed here in Jersey, When we openly see the sheer waste of taxpayers money. Yet no comments are made when in J.E.P. some time ago. Millions where shown to have been spent by ministers on outgoing island trips  by the very people, and Ministers who insist on yet more money going to waste on future projects. Instance, on another hope that the Incinerator won't be one of the major causes to help toward us going bankrupt. Here we have a head of department Relying on the rate bouncing back. If it does'nt. What Then? Against the advice of a investment manager who is a States member. Who in their right mind gives this kind of power to a civil servant who can't be sacked if he gets it wrong.Having a weak goverment who can allow this to happen We are paying dearly for those in charge of taxpayers money. It does'nt appear how many millions they get. This is perfect proof there will never be enought. £5,000 or,100, million on who or how much the taxpapers gets fleeced. This is an Outrage in itself. this is the basis of all  Island bad public spending. and root problems. Can we see more opinions on this on the Forum PLEASE?

[cyrillem]

Tetras, where do you predict this extra 30-40 million for the incinerator? Or are you just saying that for the sake of increasing the figure somewhat?

Secondly the new finance centre is funded privately, and is not going to cost the state anywhere near 350 million.

Tetras, coming back to my point could you answer the question- Is it better to pay the states 80,000 pounds a year or 0? (0 actually being a minus figure due to sponging) Yes or No? what do you choose?

[Pomme de terre]

The print version carried more info. The bottom line is, we haven't bought our 106million euros yet, and the rate is going against us. The States Treasury is playing currency speculator. It needs to make three separate payments in euros over the next couple of years, and is crossing its fingers that the rate changes.

As Ben Shenton pointed out, it is unbelievable that they did not spend a small amount of money to "hedge" against the rate moving.

[Fritz]

The thing that really gets, "Right on my nipple ends", about 1(1K),s is that as soon as they get their, "Quallies", they can then organise their accounts to show that they have very little or zero income on which they can be taxed.

I dont think there is a system in place for taking ,"Quallies", back off these rascals.

[Sarah Ferguson]

The Euro is expected to slip against the £ over the next few years. If I was in the Euro zone I might be thinking about going long on sterling!

If the Treasury had not taken advice then they would have been culpable - now they are being blamed for taking advice and following it!

[rogueelement]

The whole point of any hedging or arbitrage is to eliminate the potential for massive currency fluctuations.Any major company investing in a foreign resource would include the cost of hedging in this manner in the total final estimate.
Since the agreement was signed there has been a currency fluctuation of 20% against Sterling , this undoubtedly should have been taken into consideration and steps taken to ensure that it was to some degree protected.
A Government such as Jersey should at any rate have reserves in foreign currencies to guard against precisely this type of exposure.Instead of swings and roundabouts that such a reserves scheme would promote we have an upside potential benefit and a downside risk, in the current crisis that downside is unacceptable and it is now too late to establish a foreign reserve scheme for the time being.If and when Sterling makes a recovery perhaps thought will be given to establishing such a scheme.
What do the States Treasury actually do anyway ? Please don,t tell me they invested large chunks of our money in an Icelandic bank because the interest rates were so tempting!

[Sarah Ferguson]

The comment from the city seems to be that the Eurozone may well implode as the French, Italians, Spanish, Irish and Greeks find that the "one size fits all" policy from the ECB is strangling these economies.

[rogueelement]

Well Sarah , much as I agree with the comments from the City , that won,t butter any parsnips!
In my very humble opinion , the Euro is vastly overpriced and should trade about 15@lower than the dollar.I hope and expect the Eurozone to implode (teach johnny foreigner a lesson with their upstart Euro) however since my opinion hardly counts , things will become worse before they get better on the currency front.( I,m booking my holidays exclusively outside of the Eurozone and hope the rest of you will too)

[boatyboy]

 Yes Sarah I have read the reports stating that some countries including France would be better of dropping the euro. There were several articles, however in my opinion, it will never happen. Germany and France are the hardcore of the EC. Overall the alliance has been of great benefit to both countries. The road structure throughout France I believe was built with grants from Europe.

To dump the euro would be a backward step, I thought they had all signed on the dotted line, breaking contracts etc, plus payback of the billions maybe. Danger for the EC disintergrating. Its just not worth dropping the euro.

The point is, should Jersey have, after signing up to the French company installing the £106 million pound incinerator, taken out euros when they they were high, as an insurance policy against the pound falling.

Lets put it this way, a Jersey couple wish to buy a house in France for completion in three months, the euro is weak against the pound. It makes sense to buy at least 50% of the euros.

As history shows that the rate was very good at the time the assembly passed  the £106 million pound incinerator.

Of course when its not your own money why bother. ? Just add another  £30 to £47 million to the cost paid for by the taxpayer. The word Muppets comes to mind.

Boatyboy

[Sarah Ferguson]

Payment is to be made over 3 years at 1/3, 2/3 and completion of the contracts I understand.  If the pound continues to rise against the euro then I think there may be a rethink on hedging.  I know there was a lot of thinking as to whether it was better to borrow or to use cash - but again the policy can be reviewed since we are looking at a three year period.  May be a quick topic for scrutiny.