Still, we have good reason to believe that there is a whole lot of causation at work here. Not least because of what we like to call the Jersey Disease, whereby financial inflows from the financial sector tend to crowd out and tilt the exchange rate against other sectors.
They\’ve just found out that if you have a successful sector of the economy then this tends to crowd out other, less successful, sectors of the economy.
As Germany\’s finance sector is stunted by the way that they\’re rather good at high value manufacturing. As Russia\’s is by the amount of oil and gas they can sell. As Iceland\’s is by all those fish. There\’s nothing specific to either the UK or Jersey in finance here.
Jeebus, what do they expect to happen when we\’ve the international division and specialisation of labour?