Transport in 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.

Read more about this topic:  Transport In The Channel Islands

Famous quotes containing the word economy:

    “It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
    —Henry David Thoreau (1817–1862)

    “The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
    —Ralph Waldo Emerson (1803–1882)

    “The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
    —Henry David Thoreau (1817–1862)