There are three island territories within the British Isles that are known as Crown Dependencies; these are the Bailiwicks of Jersey and Guernsey which make up Channel Islands, and the Isle of Man. The Crown Dependencies are not part of the United Kingdom, but are self-governing possessions of the British Crown.

FINANCIAL RELATIONSHIP

Independent research demonstrates that Jersey adds a net £14 billion to the UK economy every year, supporting an estimated 250,000 British jobs. This economic benefit is dependent upon Jersey’s independence in setting political and fiscal policy. Jersey’s banks attract over £80 billion of funding from markets outside the UK sterling zone and provide 1.5% of the funding of the whole UK banking sector. The Island is also a conduit for almost £0.5 trillion of foreign investment into the UK, much of which might may not reach the sterling zone otherwise.

ECONOMIC RELATIONSHIP

Jersey necessarily imports an array of goods and services to meet the needs of the population. The vast majority of these imports come to the Island from the United Kingdom. Reciprocally, the UK is also a major export market for many of the goods and services provided by businesses and industries in Jersey, including high-value produce such as Jersey Royals, oysters, and dairy products. The majority of Jersey’s communications links (flight paths, shipping routes and digital traffic) are with the UK. Jersey has strong links with the UK business community and, in particular, the City of London in its capacity as an International Finance Centre. Jersey provides vital liquidity and makes a significant contribution to the UK’s economy.

HISTORY AND BACKGROUND

The United Kingdom is Jersey’s closest international partner. Deep social, cultural, economic and constitutional links between us have been built up and maintained over hundreds of years. Jersey’s relationship with the English Crown began with the Norman invasion of England in 1066, after which William the Conqueror sat as both William I of England and Duke of Normandy, the latter of which Jersey was a part. The cultural links between Jersey and the UK have developed significantly since the end of the Second World War. Nearly a third of the resident population in Jersey were born in other parts of Britain meaning there are strong family links between this Island and the UK. The majority of international phone and digital traffic from the island goes to the UK.