Jersey’s low-tax, secretive financial model has attracted billionaires, multinational companies and a large offshore finance industry, making the island exceptionally wealthy. However, many residents feel excluded from that prosperity as living costs rise, housing becomes less affordable and food bank use increases, while Jersey’s reputation as a tax haven remains controversial.

Finance generates about £4bn, more than half of Jersey’s economic output and two in five jobs, while GDP per head is nearly 60% above the UK’s. Facing competition from places such as Dubai and other offshore centres, the government has launched a £31m, four-year plan to cut bureaucracy, promote Jersey internationally and diversify into areas including cryptoassets; the island’s history of shifting from knitting and farming to tourism and finance highlights the urgency of adapting again.