Author Topic: Treasury minister to give answers to questions in a Q/A session ?  (Read 1514 times)

Offline boatyboy

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Channel online.

Jersey's Treasury Minister is promising a series of question and answer sessions for the public and politicians over plans for the island's new finance centre   :)

In the debate, Senator Maclean was also asked to confirm what incentives, if any, UBS had been offered to sign up as a tenant.

He said he couldn't as that was "commercially sensitive"  :(

 
Last updated Tue 2 Jun 2015

http://www.itv.com/news/channel/2015-06-02/jersey-finance-centre-public-q-a-sessions-planned/

Offline boatyboy

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Re: Treasury minister to give answers to questions in a Q/A session ?
« Reply #1 on: June 03, 2015, 07:37:53 PM »
Who actually owns the Esplanade car parker reader, because we have all become so moulded I suggest that like myself the immidiate automatic answer is the States.

NO a hundred times over.

The people of Jersey own the carpark, all harbours, the airport in fact the clue is in the statement public ownership.

The politician's through their right of being elected, are just the managers of said public assets.

The essential car park with it's earnings of just under £800,000 a year would sell to an investor for around give or take £10 to £14 million. As a development site it is worth considerably more.

Please see the latest public statement from Minister Alan Maclean trying to bulldoze this hated development through, and notice he does not mention in any way shape of form the use of land as a guarantee, he side steps the question using the term money as in cash. Remember the Las Pas Holdings problem, just give us the land  ( equivelent to ten million pounds ), which the states did. In reality no cash changed hands but the land did. Who owns the land ?

Do you think the Banks offering to finance the Financial Quarter, Multi tens of Million's  pound's for development would do so without serious cast iron collateral or cash guarantee's ? Sorry to say this but the politicians are again taking the islanders for a bunch of bloody moron's.

JEP

During yesterday’s States sitting, Treasury Minister Alan Maclean attempted to reassure Members that the controversial scheme was important to the future of the Island’s finance industry and that he had offered no guarantees against public money in securing funding for the construction.

http://jerseyeveningpost.com/news/2015/06/03/finance-centre-wont-put-taxpayers-money-at-risk-says-minister/

The petition is growing steadily. Yesterday at this time yesterday it had around 730 signatures - today it is over 1,200. A message needs to be sent, they are starting to get worried, too many backbenchers have started asking questions ?

The petition is here:

http://www.thepetitionsite.com/717/294/749/stop-the-planned-finance-centre-being-built-on-the-esplanade-st-helier-jersey/

bb


« Last Edit: June 04, 2015, 04:51:40 AM by boatyboy »

Offline shortport

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Re: Treasury minister to give answers to questions in a Q/A session ?
« Reply #2 on: June 04, 2015, 04:25:54 AM »
More shite from Maclean.
'Taxpayers stand to benefit from having taxes paid by companies and employees moving to the new finance centre.
As UBS are already in Jersey in two locations I presume that their employees are already paying tax unless they only employ tax avoiders.
Why this constant spin and bullshit,this whole project is getting more suspicious by the day.
I think our island is deeper in the shit than most of us realise and our corrupt council of ministers are getting really desperate.Even Crowcroft must have been spoken to as he does a complete u -turn in favour of this folly.
The finance industry does not have a future here.Their productivity is down because they have to spend so much on compliance.UBS have been fined billions,HSBC are laying off 20,000 workers and more importantly next year the Uk will vote on whether to be in the EU or not.The result of this will have more of an effect on our finance industry than building glass boxes on a car park.

Offline boatyboy

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Re: Treasury minister to give answers to questions in a Q/A session ?
« Reply #3 on: June 04, 2015, 06:01:09 AM »
Good point Shortport well made,

 Got me thinking - I may be wrong but actually it lose's Jersey money a lot of money, if only established local companies move in plus the odd mining administration or three. No major company is going to move a thousand workers accross water to a small place like Jersey in one step.

UBS are renting two offices, a private landlord ( or company ) is receiving rent of which they will be paying 20% ( after maintenance etc ) to the tax man. We shall assume the property ( offices ) are owned by a Jersey individual or company. The rent they are paying to SoJDC has been banded about as millions, we don't know, so keep it simple let us assume they are paying £1 million today,  in the offices they rent. This means that the tax liability will be in the region of £200,000 or 20%. for the landlord.

This will be gone when / if they go to the SoJDC because they can keep all rents, to facilitate further development and pay back loans. A dividend is paid to the States if asked for by the States Treasury Minister, or if the board decides.

A big loss to the Tax department, the SoJDC, if the information is true will receive no rent for two years, therefore how is that helping to pay the loans and cost of development plus £400,000 loss to the tax man ( two years lost taxes on rent ) because they moved from established privately owned office.

Let us assume lots of smaller companies move into chunks of new waterfront offices, then a stream of money lost to the tax man becomes a river.

Local Chartered Surveyors say there will be an over supply of class " A " office space if the other blocks are built forcing down rental rates, but development cost will still rise with inflation as six office blocks take years to build.

Clearly private developers would only build if they had tenant's signed up. We have come full circle. The lying from the ministers ( or are they mistakes, bad memory, full blown corruption ? ) that office block number 1)  would be fully tenanted has taken on a sinister roll now. The States backed SoJDCis is messing up the whole market by building before it is fully rented.

The only losers will be the islanders, as the tax take goes down as rents spiral down as customers play one against the other, and the SoJDC has to be bailed out for millions by causing oversupply of very expensive to build office blocks, don't forget the  expensive underground carparks, approx. £75k per car, and sunken road - stage 2.

Time to speak up ……………..or shut up in which case get screwed islanders and give your hard earned money over  - because your taxes are going up big time if you allow this stupid development to go ahead, plus the £60 million extra tax and charges, they want for the looming black hole, which they also lied about, saying it was £31 million before the election.

Boatyboy.
« Last Edit: June 04, 2015, 10:17:41 PM by boatyboy »

Offline Fritz

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Re: Treasury minister to give answers to questions in a Q/A session ?
« Reply #4 on: June 05, 2015, 02:11:45 AM »
As I,ve said before. If this project was viable, Real Property Developers would be more than happy to fund it themselves.
Le Pas holdings wanted to develop the whole ,"Reclamation site", at no cost to tax-payers decades ago, and hand ownership back to the people of Jersey after 30yrs. (Think about that. after 30yrs it would have been a ,"freebie", for the people of Jersey instead of the ongoing, tax-sapping mess that it is).
We all know how that panned out.
Instead of a vibrant waterfront development we got ,"Cineworld", "Pizza-Land", and ,"Cell-Block Radisson".
Folk who are ,"Not in the know", about Le Pas plans for the whole area,(New marina would have been on the Havre Des Pas side where access for boats would be much easier regardless of weather/tide), see them as the, "Bad Guys". Truth of the matter is that they were actually,"The Good Guys", and ,"The States", in their wisdom,(?), didn,t want a private developer showing them ,"How to do it".