Strategy needed for global slump
Tuesday 23rd December 2008, 2:30PM GMT.
GUERNSEY must ensure it remains competitive in the current economic slowdown for the benefit of the zero-10 tax strategy, according to the Guernsey International Business Association.
Zero-10 was introduced at the start of this year with one if its key components being to ‘promote economic growth’.
But with Treasury and Resources minister Charles Parkinson admitting last week that the world’s economic prospects were bleak, it would appear the tax strategy is under as much pressure as ever.
However, Giba chairman Steve Le Page (pictured) insists the island must do all it can to ensure that when the world moves out of its current downturn, it is in the best position possible to make zero-10 work.
He believes this should also include the States reining in its costs.
‘For the long term, the fundamental outside drivers for the introduction of zero-10, irrespective of the market turmoil, remain unchanged and strategically we should be careful in not ending up being less competitive when things turn around if zero-10 is revisited for any reason.
‘Zero-10 needs a few years to show it works – it is not a short-term strategy.’
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Steve Le Page
Good luck in your endevours with regards to reviving a dead duck that had died long before it actually lived.
You must be a genious amongst fools then?
Maybe you are one of the few that has more money than sense?
If so keep chucking your own cash at zero 10 cos us Islanders are sick of it thanks.
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Perhaps Mr Le Page did not mean to sound selfish but his concern for Zero10 and the comment about giving ot a long term chance to come good, sounds as though he is mainly concerned with the efects of the crisis on business, to the deteriment of the ordinary taxpayer.
Zero10 and its reliance of super growth being achieved was always suspect, as was the ongoing feeling that the recession would not affect Guernsey.
I must admnit to puzzling why Mr Le Page was so worried abiut Zero10. Then it struck me. It is totally to the advantgae of those he represents. Forget the rest of the island.
Hopefully, the competent Finance Minister will bring about a review of Zero10 sooner rather than later.
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