Editing Jersey (section)

== Economy ==
{{main|Economy of Jersey}}{{See also|Financial services in Jersey|Tourism in Jersey}}<!-- This section is an overview of the Economy. More detailed information should be included in the main article, or in sector-relevant articles. -->
[[File:Jersey finance centre 2021.jpg|left|thumb|The Central Business District of St Helier]]

Jersey's economy is highly developed and services-focused, with a [[GDP per capita]] of £45,320<ref name="National accounts: GVA and GDP"/> in 2019. It is a [[Mixed economy|mixed market economy]], with [[free market]] principles and an advanced [[Welfare spending|social security]] infrastructure.<ref>{{Cite web |title=Benefits and financial support |url=https://www.gov.je/benefits/Pages/default.aspx |access-date=5 January 2021 |website=[[Government of Jersey]] |archive-date=22 January 2021 |archive-url=https://web.archive.org/web/20210122003743/https://www.gov.je/Benefits/Pages/default.aspx |url-status=live }}</ref> 53,460 people were employed in Jersey {{as of|2010|December|lc=y}}: 24% in financial and legal services; 16% in wholesale and retail trades; 16% in the public sector; 10% in education, health and other private sector services; 10% in construction and quarrying; 9% in hotels, restaurants and bars.<ref name="figures" />
{| class="wikitable" style="text-align:right;"
|+Economic sectors in Jersey by GVA (2019)<ref name="Gov Jersey-2019">{{Cite web |title=Government of Jersey: GVA 2019 |url=http://www.gov.je/News/2020/pages/MeasuringJerseysEconomy2019.aspx |access-date=11 December 2020 |website=[[Government of Jersey]] |language=en |archive-date=18 March 2022 |archive-url=https://web.archive.org/web/20220318001936/https://www.gov.je/News/2020/pages/MeasuringJerseysEconomy2019.aspx |url-status=live }}</ref>
!rowspan=2|Sector
!colspan=2|Gross value added
|-
!% of total
!£millions
|-
!Financial services
|39.5%
|1,966
|-
!Rental income
|15.5%
|771
|-
!Other business activities
|11.7%
|580
|-
!Public administration
|8.6%
|426
|-
!Construction
|7.0%
|350
|-
!Wholesale and retail
|6.4%
|319
|-
!Hotels, bars and restaurants
|4.2%
|210
|-
!Transport, storage and communication
|3.5%
|176
|-
!Electricity, gas and water
|1.3%
|65
|-
!Agriculture
|1.2%
|59
|-
!Manufacturing
|1.0%
|50
|-
!colspan=2|Total
!4,972
|}
Thanks to specialisation in a few high-return sectors, at [[purchasing power parity]] Jersey has high economic output per capita, substantially ahead of all of the world's large developed economies. [[Gross national income]] in 2009{{needs update|date=May 2024}} was £3.7&nbsp;billion (a mean of about £40,000 per head of population).<ref name="figures" /> However, there is wide variation, and the typical (median) individual resident's purchasing power and standard of living in Jersey is comparable to that in the UK outside central London.<ref>{{Cite web |title=Cost of Living in Jersey |url=https://www.numbeo.com/cost-of-living/country_result.jsp?country=Jersey |access-date=28 February 2022 |website=Numbeo |language=en |archive-date=28 February 2022 |archive-url=https://web.archive.org/web/20220228164731/https://www.numbeo.com/cost-of-living/country_result.jsp?country=Jersey |url-status=live }}</ref>

Jersey is one of the world's largest offshore finance centres. The UK acts as a conduit{{snd}}an intermediate financial services market which funnels funds onwards{{efn|"Conduit-OFCs [offshore financial centres]{{nbsp}}... are 'countries that are widely perceived as attractive intermediate destinations in the routing of investments'.<ref>{{cite book |title=Spillovers in International Corporate Taxation |date=May 2014 |publisher=International Monetary Fund |location=Washington DC |page=18 |type=IMF Policy Papers |url=https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Spillovers-in-International-Corporate-Taxation-PP4873 |archive-url=https://web.archive.org/web/20220813094643/https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/np/pp/eng/2014/_050914.ashx |archive-date=13 August 2022 |url-status= live |language=en}}</ref> Conduit-OFCs typically have low or zero taxes imposed on the transfer of capital to other countries, either via interest payments, royalties, dividends or profit repatriation. In addition, such jurisdictions have highly developed legal systems that are able to cater to the needs of multinational corporations. Conduits play a key role in the global corporate ownership network by allowing the transfer of capital without taxation. In this way, profit from one country can be re-invested in another part of the world paying no or little taxes."{{r|Uncover}} }}{{snd}}for financial services between European countries and the island.<ref name="Uncover">{{Cite journal|last1=Garcia-Bernardo|first1=Javier|last2=Fichtner|first2=Jan|last3=Takes|first3=Frank W.|last4=Heemskerk|first4=Eelke M.|date=24 July 2017|title=Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network|url= |journal=Scientific Reports |language=en|volume=7|issue=1|pages=6246|arxiv=1703.03016|bibcode=2017NatSR...7.6246G|doi=10.1038/s41598-017-06322-9|issn=2045-2322|pmc=5524793|pmid=28740120}}</ref> This sector has attracted controversy: Some critics and detractors have called Jersey a place where the "leadership has essentially been captured by global finance, and whose members will threaten and intimidate anyone who dissents."{{r|Shaxson}}

Tourism is an important economic sector for the island, however travel to Jersey is very seasonal. Accommodation occupancy is much higher in the summer months, especially August, than in the winter months (with a low in November). The majority of visitors to the island [[Jersey Airport|arrive by air]] from the UK.<ref name="Jersey Business-2017">{{cite web |url=https://business.jersey.com/sites/default/files/components/pdf_download_row/Visit%20Jersey_TE%20Tourism%20Productivity.pdf |title=The Economic Contribution of Tourism to Jersey |website=Tourism Economics |date=2017 |access-date=18 March 2022 |archive-date=29 January 2022 |archive-url=https://web.archive.org/web/20220129234009/https://business.jersey.com/sites/default/files/components/pdf_download_row/Visit%20Jersey_TE%20Tourism%20Productivity.pdf |url-status=live }}</ref> On 18 February 2005, Jersey was granted [[Fairtrade Town|Fairtrade Island]] status.<ref>{{Cite news |date=24 February 2005 |title=Island achieves Fairtrade status |work=[[BBC News]] |url=http://news.bbc.co.uk/2/hi/europe/jersey/4295551.stm |access-date=6 October 2006 |archive-date=6 April 2008 |archive-url=https://web.archive.org/web/20080406102505/http://news.bbc.co.uk/2/hi/europe/jersey/4295551.stm |url-status=live }}</ref>
[[File:Aerial view of fields in St Clement, Jersey.jpg|thumb|Aerial view of fields in [[Saint Clement, Jersey|Saint Clement]].]]
In 2017, 52% of the Island's area was agricultural land (a decrease since 2009).<ref name="Jersey-2020" /> Major agricultural products are potatoes and dairy produce.<ref name=figures /> [[Jersey cattle]] are a small breed of cow widely known for their rich milk and cream; the quality of their meat is also appreciated on a small scale.<ref>{{Cite news |last=Davenport |first=Philippa |date=20 May 2006 |title=Jersey's cash cow |url=http://www.ft.com/cms/s/7a7bb3e0-e720-11da-9046-0000779e2340.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/7a7bb3e0-e720-11da-9046-0000779e2340.html |archive-date=10 December 2022 |url-access=subscription |access-date=7 October 2006 |work=[[Financial Times]]}}</ref><ref>{{Cite web |last=Witmer |first=Jason |date=11 June 2004 |title=CROPP contracts brings profitability to Ohio grass-based, organic dairies |url=http://www.newfarm.org/features/0604/nissley/index.shtml |access-date=7 October 2006 |publisher=The Rodale Institute |archive-date=1 December 2006 |archive-url=https://web.archive.org/web/20061201035957/http://www.newfarm.org/features/0604/nissley/index.shtml |url-status=live }}</ref> The herd total in 2009 was 5,090 animals.<ref name=figures /> Fisheries and aquaculture make use of Jersey's marine resources to a total value of over £6&nbsp;million in 2009.<ref name="figures" />

Along with [[Guernsey]], Jersey has its own lottery called the [[Channel Islands Lottery]], which was launched in 1975.<ref>{{Cite web |date=13 August 2011 |title=States of Guernsey: Channel Islands Lottery |url=http://www.gov.gg/ccm/navigation/culture---leisure/channel-islands-lottery/ |access-date=1 November 2021 |archive-url=https://web.archive.org/web/20110813181609/http://www.gov.gg/ccm/navigation/culture---leisure/channel-islands-lottery/ |archive-date=13 August 2011}}</ref>

=== Taxation ===
{{See also|Economy of Jersey#Taxation|Financial services in Jersey#'Tax haven' status}}
Jersey is not a tax-free jurisdiction. Taxes are levied on properties (known as 'rates') and there are taxes on [[Income tax|personal income]], [[Corporate tax|corporate income]] and [[Sales tax|goods and services]].<ref name="Gov Jersey-2021">{{Cite web |title=Moving to Jersey: Money and tax |url=https://www.gov.je/LifeEvents/MovingToJersey/LivingInJersey/Pages/MoneyTax.aspx |access-date=12 February 2021 |website=[[Government of Jersey]] |archive-date=14 January 2021 |archive-url=https://web.archive.org/web/20210114225016/https://www.gov.je/LifeEvents/MovingToJersey/LivingInJersey/Pages/MoneyTax.aspx |url-status=live }}</ref> Before 2008, Jersey had no value-added tax (VAT). Many companies, such as [[Amazon (company)|Amazon]] and Play.com, took advantage of this and a loophole in European law, known as [[low-value consignment relief]], to establish a tax-free fulfilment industry from Jersey.<ref name="jerseyeveningpost.com">{{Cite web |title=EU to close LVCR loophole completely |url=https://jerseyeveningpost.com/news/2015/06/29/eu-to-close-lvcr-loophole-completely/ |access-date=12 January 2021 |website=jerseyeveningpost.com |language=en |archive-date=14 January 2021 |archive-url=https://web.archive.org/web/20210114080140/https://jerseyeveningpost.com/news/2015/06/29/eu-to-close-lvcr-loophole-completely/ |url-status=dead}}</ref> This loophole was closed by the European Union in 2012, resulting in the loss of hundreds of jobs.<ref name="jerseyeveningpost.com" />

There is a 20% standard rate for Income Tax and a 5% standard rate for GST. The island has a 0% default tax rate for corporations; however, higher rates apply to financial services, utility companies and large corporate retailers.<ref name="Gov Jersey-2021" /> Jersey is considered to be a [[tax haven]]. Until March 2019 the island was on the [[European Union tax haven blacklist|EU tax haven blacklist]], but it no longer features on it.<ref>{{Cite web |title=Taxation: EU list of non-cooperative jurisdictions |url=https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ |access-date=6 May 2021 |website=www.consilium.europa.eu |language=en |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506140816/https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ |url-status=live }}</ref> In January 2021, the chair of the EU Tax Matters Subcommittee, [[Paul Tang (politician)|Paul Tang]], criticised the list for not including such "renowned tax havens" as Jersey.<ref>{{Cite web |author=Bailiwick Express |title=WATCH: Jersey in EU's sights in plan to tighten tax haven 'blacklist' |url=https://www.bailiwickexpress.com/jsy/news/jersey-eus-sights-plan-tighten-tax-haven-blacklist/ |access-date=6 May 2021 |website=Bailiwick Express |date=25 January 2021 |language=en |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506003818/https://www.bailiwickexpress.com/jsy/news/jersey-eus-sights-plan-tighten-tax-haven-blacklist/ |url-status=live }}</ref> In 2020, [[Tax Justice Network|Tax Justice]] ranked Jersey as the 16th on the [[Financial Secrecy Index]], below larger countries such as the UK, but still placing it at the lower end of the 'extreme danger zone' for offshore secrecy'. The island accounts of 0.46% of the global offshore finance market, making it a small player in the total market.<ref>{{Cite web |title=View 2020 results |url=https://fsi.taxjustice.net/en/introduction/fsi-2018-results |access-date=6 May 2021 |website=fsi.taxjustice.net |archive-date=2 May 2021 |archive-url=https://web.archive.org/web/20210502144219/https://fsi.taxjustice.net/en/introduction/fsi-2018-results |url-status=live }}</ref> In 2020, the Corporate Tax Haven Index ranked Jersey eighth for 2021, with a haven score (a measure of the jurisdiction's systems to be used for corporate tax abuse) of 100 out of 100; however, the island only has 0.51% on the Global Scale Weight ranking.<ref>{{Cite web |title=Corporate Tax Haven Index 2021 |url=https://cthi.taxjustice.net/en/ |access-date=6 May 2021 |website=cthi.taxjustice.net |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506003819/https://cthi.taxjustice.net/en/ |url-status=live }}</ref>

=== Transport ===
{{Main|Transport in Jersey}}
[[File:Grouville Common Path.jpg|thumb|A cycle path in [[Gorey, Jersey|Gorey]].]]
The primary mode of transport on the island is the [[motor vehicle]]. Jersey has a road network consisting of {{convert|557|km|order=flip}} of roads and there are a total of 124,737 motor vehicles registered on the island as of 2016.<ref>{{Cite web |title=Registered vehicles (FOI) |url=https://www.gov.je/Government/FreedomOfInformation/pages/foi.aspx?ReportID=1395 |access-date=10 December 2020 |website=[[Government of Jersey]] |archive-date=31 January 2021 |archive-url=https://web.archive.org/web/20210131123358/https://www.gov.je/Government/FreedomOfInformation/pages/foi.aspx?ReportID=1395 |url-status=live }}</ref> Jersey has a large network of lanes, some of which are classified as green lanes, which have a 15 mph speed limit and where priority is afforded to pedestrians, cyclists and horse riders.<ref>Lamy, M. (2019). [https://www.cyclinguk.org/sites/default/files/documents/magazine/pdf/cuk201901049.pdf Weekender: Jersey's Green Lanes] {{Webarchive|url=https://web.archive.org/web/20220403210142/https://www.cyclinguk.org/sites/default/files/documents/magazine/pdf/cuk201901049.pdf |date=3 April 2022 }}. ''cycle'' February/March 2019.</ref>

The public bus network in Jersey has been regulated by the Government since 2002, replacing a de-regulated, commercial service. It is operated on a sole-operator [[Franchising|franchise]] model, currently contracted to LibertyBus, a company owned by [[Kelsian Group]]. LibertyBus also operate the school bus services.<ref>Villeneuve-Smith, Frank (2018). {{usurped|1=[https://web.archive.org/web/20220528201105/https://hctgroup.org/uploaded/Practical%20bus%20franchising%20-%20the%20Jersey%20model.pdf Practical bus franchising: the Jersey model]}}. HCT Group (hctgroup.com). Retrieved 23 May 2022.</ref> There is also a taxi network and an electronic bike scheme (EVie).<ref>{{Cite web|url=https://evieondemand.com/|title=EVie &#124; Electric mobility on demand in Jersey|website=EVie|access-date=6 May 2021|archive-date=7 May 2021|archive-url=https://web.archive.org/web/20210507122044/https://evieondemand.com/|url-status=live}}</ref> Jersey has an [[Jersey Airport|airport]] and a number of ports, which are operated by Ports of Jersey.<ref>{{Cite web |title=A brief history of Ports of Jersey |url=https://www.ports.je/about-us/our-history |access-date=10 December 2020 |website=www.ports.je |language=en |archive-date=2 December 2020 |archive-url=https://web.archive.org/web/20201202120827/https://www.ports.je/about-us/our-history |url-status=live }}</ref>

=== Currency ===
{{main|Jersey pound}}
[[File:Commemorative stamps for Mesny's 150th anniversary 1992.jpg|thumb|right|Jersey stamps commemorating the 150th anniversary of the birth of General [[William Mesny]].]]
Jersey's monetary policy is linked to the [[Bank of England]]. The official currency of Jersey is the [[pound sterling]]. Jersey issues its own postage stamps, banknotes (including a £1 note which is not issued in the UK) and coins that circulate alongside all other sterling coinage. Jersey currency is not [[legal tender]] outside Jersey; however it is "acceptable tender" in the UK and can be surrendered at banks in exchange for UK currency.<ref>{{Cite web |last=Department of the Official Report (Hansard), House of Lords |date=6 December 2001 |title=Lords Hansard text for 6 Dec 2001 (211206-28) |url=https://publications.parliament.uk/pa/ld200102/ldhansrd/vo011206/text/11206-28.htm |access-date=31 May 2011 |publisher=Publications.parliament.uk |archive-date=11 May 2011 |archive-url=https://web.archive.org/web/20110511091450/http://www.publications.parliament.uk/pa/ld200102/ldhansrd/vo011206/text/11206-28.htm |url-status=live }}</ref>

In July 2014, the Jersey Financial Services Commission approved the establishment of the world's first regulated [[Bitcoin]] fund, at a time when the [[digital currency]] was being accepted by some local businesses.<ref name="BitcoinJersey">{{Cite news |title=Jersey approve Bitcoin fund launch on island |work=BBC News |url=https://www.bbc.com/news/world-europe-jersey-28247796 |access-date=10 July 2014 |archive-date=10 July 2014 |archive-url=https://web.archive.org/web/20140710211917/http://www.bbc.com/news/world-europe-jersey-28247796 |url-status=live }}</ref>