‘Winds of change’ could prove positive for Guernsey

STRONGER political ‘winds of change’ first demonstrated in key election results in 2016 could prove beneficial for Guernsey in the long run, according to a local accountant.

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John Roche, partner at PwC in Guernsey, said that voters were rebelling against tax avoidance measures largely conducted in onshore ‘tax havens’.

‘As a small international financial services centre, Guernsey has always had to work hard to defend itself, to explain what we do here and why it is relevant,’ he said.

‘I believe that global businesses in general have taken unfair advantage of outdated tax systems to avoid paying their fair share of tax where they trade.

'Actually, the high profile ones have used Ireland, Netherlands and Luxembourg, who all remain within the EU and in effect are onshore “tax havens”.

‘None of these corporations have acted illegally, but when you look at what they have done through a lens of austerity and battered and taxed working and middle classes, then it is easy to see why some of the votes held in 2016 have gone the way they have.

‘The winds of change are blowing even harder now.

'There is the rise of populism/nationalism and a natural backlash to these practices.’

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