Economy
Main article: Economy of Jersey See also: Guernsey pound and Jersey poundTourism is the major industry in the smaller islands (with some agriculture). However Jersey and Guernsey have, since the 1960s, become major Offshore financial centers & Tax havens on the scale of the Cayman Islands or Bermuda. Guernsey's horticultural and greenhouse activities have been more significant than in Jersey, and Guernsey has maintained light industry as a higher proportion of its economy than Jersey. Jersey's economy since the 1980s has been substantially more reliant on finance.
Both Bailiwicks issue their own banknotes and coins, which circulate freely in all the islands alongside UK coinage and Bank of England and Scottish banknotes.
There are many exports, largely consisting of crafted goods and farmed produce.
Read more about this topic: Geography Of The Channel Islands
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)