Only a few years ago, Jersey’s role as an offshore financial centre was under fire as international bodies targeted “harmful tax practices”. They demanded an end to tax breaks for non-residents and called for the disclosure of information to tackle tax evasion, money-laundering, terrorist financing and weaknesses in the global financial system.

With the Labour government in London throwing its weight behind such demands, the future looked bleak for Crown dependencies such as Jersey. Today, such pessimism has proved to have been excessive, as the island has brought forward changes to its tax system, strengthened its regulation and co-operated with its erstwhile critics. Subsequent international inspections have given Jersey high marks for its reforms and transparency, on occasions rating its compliance with global standards higher than in some of the island’s onshore persecutors.