ALL he wants for Christmas, as tax expert Graham Parrott explains on page 27 today, is some clarity on Guernsey’s zero-10 tax regime replacement.

And he is not alone.

Until the new strategy is in place, this island cannot effectively plan its future because it does not have clarity on a significant element of its taxation income.

The recently-debated 2011 Budget may indeed, as the Treasury minister termed it, have been dull but its underlying predictions are going to have to change in the months ahead.

That, and the parallel business uncertainty, are bad enough. Worse, however, is the fact that Guernsey does not have complete control over the timing of whatever replaces zero-10.

Until Jersey recognises its own regime is dead, there can be no meaningful Channel Islands dialogue on a mutually-acceptable alternative. While Guernsey could go it alone, it is clearly in everyone’s best interest to have a common package.

Yet while Jersey insists on clutching at straws by waiting for the formal judgement against it in February, it is actively damaging Guernsey’s own interests. So much for inter-island cooperation.

But the harm does not end there. The wider world makes little distinction between the islands and Jersey being seen to be at odds with the UK over taxation issues hurts Guernsey’s reputation as well.

The most perplexing aspect, however, is why Jersey is maintaining its belligerent attitude.

Even if the UK is the only party objecting to zero-10 as a package, why would any of the Crown Dependencies want to take on Her Majesty’s Government, which has already expressed its views in the strongest terms?

Jersey can stick to its guns and will face sanctions if it does. When Guernsey’s Law Officers attempted partially to circumvent the Privy Council’s role in scrutinising legislation, key drafts suddenly stopped receiving Royal assent.

And there are other, equally damaging, financial measures that can be taken and which could also have a reputational impact on this island.

Jersey is aware of this but is sleep-walking to disaster.

It really does need to heed Guernsey’s wake-up call – for the benefit of both communities.