History of The Channel Islands - Economy

Economy

Main article: Economy of Jersey See also: Guernsey pound and Jersey pound

Tourism 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.

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