Weekly Client Update – 15th September 2023

Markets Overview

FTSE 100: Shares in the British chip designer Arm soared on Thursday, valuing the company at over $65bn as it debuted on the Nasdaq stock exchange in the biggest US share listing of the year. The FTSE 100 is up 1.95%.

European markets: European markets finished broadly higher on Thursday. France’s CAC 40 is up 1.19% and Germany’s DAX is up 0.97%.

US markets: Stocks rallied higher on Thursday after this week’s economic data had traders breathing a sigh of relief. The Dow Jones Industrial Average rose 332 points, or 1%. The S&P 500 rose 0.8%. The Nasdaq Composite rose 0.8%.

Asian markets: Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.54% while the Hang Seng is up 0.92%. The Nikkei 225 is not trading.

Emerging markets: While there are concerns about the lofty valuations of Indian stocks – which have a 15% weighting in the benchmark MSCI emerging markets index – they continue to benefit from a fast-growing economy, strong corporate earnings and, crucially, India’s appeal as an alternative to China.

Air displays do have a future, says leader of Red Arrows

The team leader of the Red Arrows is ‘confident’ that air displays have a future in Jersey and elsewhere. As he prepares to fly with the team for the last time in Jersey, Tom Bould – also known as Red 1 – said that this year had been as busy for them ‘as it has ever been’, despite the cancellation of one of the UK’s biggest airshows. Jersey’s display had also looked uncertain this year, but it was saved by a last-ditch call for funding made by organisers. Rising concern over climate change has placed pressure on air displays internationally, including the Sunderland Airshow, which has been axed indefinitely. Sunderland City Council last year confirmed that there were ‘no future plans’ to stage the event, citing an intention to make the city carbon neutral by 2040 among the reasons for the decision. However, Red 1 – who will soon be retiring from the team – said he was sure air displays had a future. ‘This year has been as busy for us as it has ever been. We’ve had 70-plus displays and more people have wanted a display. ‘Climate change is an interesting one. It’s something that we are very aware of in the Royal Air Force, and it’s something that we are looking to improve. There is a pathway for aviation fuels and to try and make the whole thing net-zero. So we are as a whole moving towards that. ’He also said he hoped the team could continue to fly in Jersey’s display. ‘Personally, this is my sixth time flying in Jersey with the Red Arrows – and this will be my final one. We do three years on the team and I had three years previously as a team pilot and I’ve done three years as a team leader. So this will be my final one – I’m looking forward to it.

‘Jersey is really good for us, actually. It’s over the sea but the bay is its own kind of amphitheatre. So for us to be able to perform in front of it, it’s actually a great backdrop for us. ’International Air Display organiser Mike Higgins also said the local event ‘definitely’ had a future – revealing he was already planning for next year. ‘When you are doing an air display – it isn’t done in a matter of weeks and months. For some things you are applying two or three years in advance,’ he added. Writing in the foreword of this year’s JEP Air Display supplement, Mr Higgins thanked the individuals and companies who came forward ‘at the eleventh hour’ to save the display ‘for the benefit of Islanders and the tourists who come to the Island to watch it’. He said the organisers were also grateful for the £60,000 grant received from the Economic Development Department. As well as the Red Arrows, the French equivalent, Patrouille de France, will be appearing this year – and are currently celebrating their 70th anniversary. Aircraft from Sweden, the Battle of Britain memorial trio of the Lancaster, Hurricane and Spitfire.


Wim Hof activities and yoga for La Moye prison inmates funded by Jersey government grant

A Government grant has been given to La Moye prison to fund additional activities – including yoga and Wim Hof exercises – to ‘help prisoners re-enter society as better individuals’. The Releasing Better Neighbours programme at HMP La Moye has recently been awarded the grant as part of the Government’s Connect Me: Connecting Our Communities grant scheme. Grants of up to £5,000 are available for projects which will increase opportunities for Jersey residents to participate in arts or physical activities. The scheme aims to address the effects of Covid-19 and related isolation on the physical and mental health of Islanders. The prison’s recent grant is one of 88 different projects which have been supported by the scheme since being set up in 2022.

In a blog on the government website, group director of Local Services Paul McGinnety explained that after receiving the grant, the programme was able to ‘introduce additional activities to support the long-term rehabilitation of prisoners’ by ‘bringing in external agencies to support them’. He explained: ‘These have included activities aimed at helping with supporting prisoners’ mental and physical health.‘ They have included yoga and the Wim Hoff method, proven to help support people with the management of stress, anxiety and pain. ‘Even in the short time these activities have been introduced prisoners have reported positive responses. ’Created by Dutchman Wim Hof, the method involves breathing exercises and cold exposure. Freeze the Fear with Wim Hof aired on BBC One last year, with the British reality TV series featuring celebrities competing in sub-zero conditions in the Italian mountains. A video on the government’s YouTube channel explains how the programme works, and shows yoga mats rolled out in the gym and a pool being filled with cold water.


Conservation charity welcomes proposal to make Jersey world leader in marine protection

A new marine park would ‘benchmark Jersey as a world leader in marine protection’, an ocean conservation charity has said, following the government’s announcement of proposals to expand a network of protected areas in the Island’s territorial waters. Charles Clover, co-founder of the Blue Marine Foundation, said that the proposed park would ‘set an example internationally of how ocean territories should be effectively managed for the good of all’. However, Jersey Fishermen’s Association president Don Thompson said his members were ‘very concerned that fishermen are going to lose their livelihoods’. Currently 6.4% of Jersey’s waters are designated Marine Protected Areas, a title which comes with protection against potentially destructive fishing practices such as bottom trawling. Environment Minister Jonathan Renouf plans to lodge a proposition in the next few months which will ‘set out the detailed timetable and methodology for establishing the boundaries of the park, and its management’. ‘There will be a full consultation with all stakeholders, including with our own fishing fleet, and our neighbours in France and Guernsey,’ he added.

An initial attempt to create a marine park covering more than a third of the Island’s waters was brought forward by Deputy Lyndon Farnham last year, but those plans were rejected during the Bridging Island Plan debate. Concerns were raised during those discussions about the reaction of French fishermen and fears that it would be ‘inappropriate’ to agree to protect more areas because the French could argue that Jersey was not using the powers set out in trade agreements in a fair and methodological way. Deputy Renouf said there was now evidence, which will be published in the Marine Spatial Plan next month, showing ‘that there is a very strong case for expanding MPAs to 30% of our territorial waters’. This network will form part of Jersey’s delivery of the ‘30 by 30’ initiative agreed at COP15 in December 2022 – a pledge made to conserve 30% of the globe’s terrestrial and marine habitat and protect it from destructive practices by 2030.

Deputy Renouf said: ‘When Deputy Farnham’s proposition was previously brought, there was no evidence base. We have to say why we think that’s a particularly important area to protect and communicate that. ‘We need to have that scientific evidence, otherwise we’re not going to make any headway in convincing our neighbours that it’s justified and have those constructive consultations.’ But he said he would ‘rather get it right than ram through a process that lacks credibility in order to meet a deadline’. Mr Clover, who has been calling for a marine park for several years, congratulated the Environment Minister and government for their ‘commitment to ocean conservation’ and added: ‘A marine park will benchmark Jersey as a world leader in marine protection and set an example internationally of how ocean territories should be effectively managed for the good of all… The minister promised a marine park and extended Marine Protected Areas in his manifesto and today he has delivered on that promise. We salute him for delivering on that commitment. We quite understand that his plans will need to go through the usual consultations.’


Boy (15) sent £38K tax bill by Revenue Jersey after taking on summer-holiday job

A 15 year old boy was sent a tax demand for almost £40,000 by Revenue Jersey and threatened with the prospect of legal action if he failed to respond. The teenager – whose identity is not being disclosed – secured a summer job, and his employer required a tax information number in order to pay him. But, having obtained the number for the teenager, the family was shocked when he received a series of tax assessments going back to 2019, when the youngster was only 11 years old, with the demands totalling £38,816.61.The teenager’s concerned father wants to raise awareness of the case ‘otherwise this could happen to other youngsters’ .He explained that they had managed to intercept the letter sent to their son, but he continued: ‘We just thought that if other 15-year-olds opened such a letter you might get some who did not say anything to their parents but were just very worried by it. At some point, it could have a series of unfortunate consequences.’

Revenue Jersey’s standard default notice of assessment explains that the recipient has been sent the demand because they have not completed their tax form. If they do not respond, the demand says, they will be required to pay the amount of the default estimate. In addition to estimating the outstanding tax for the year, the default demand also imposes a £750 penalty for a ‘late’ return. It also warns: ‘If you do not submit your return, we will seek to collect this tax and you could also be subject to court action. ’The teenager’s father said that the mistake seemed to have arisen because they had been obliged to request a TIN, which they had been told was not required by a 15-year-old. However, they explained that their son’s employer had stated they would not be able to pay him without one. ‘Revenue Jersey seem to have a checking issue. They need to do something about their internal control systems, otherwise this could happen to other youngsters,’ the father said.Richard Summersgill, Comptroller of Revenue, said he was aware of fewer than a dozen incidents where students in full-time education and working temporarily – for example, during their summer break – had been incorrectly registered under the Income Tax Instalment Scheme as full-time workers. ‘This, in some cases, has led to the incorrect issue of estimated tax assessments. We have reassured those students affected that corrective action has been taken. An apology has been offered in each case. We are also introducing additional measures to help prevent this happening in future,’ he said.


Condor Islander to have six ‘pet friendly’ cabins

Condor ferries has introduced its first pet friendly cabins on its new Islander ferry. The initiative is due to a recent increase in ‘pet travel’, a spokesperson for the ferry operator said Pets travelling on the Commodore Clipper service are required to stay in passenger’s vehicles for the duration of the crossings. The ferry firm has said that the Condor Islander will have six pet friendly cabins ‘as we are seeing more pet travel into the Channel Islands in recent years’. These cabins can accommodate up to three people and one pet. Each is en-suite, with bunk-style and an extra bed and differs from the usual passenger-only cabins in that they feature a laminate flooring. The spokesperson continued: ‘An outside deck is accessible for exercise and pets are to be muzzled and kept on a lead when not in the cabin.

‘Pets can still be carried on Islander and our other passenger vessels in a vehicle or in an appropriate carrier on the car deck. ‘We were able to install these cabins as part of the overall refurbishment of the vessel which also sees a restaurant, brasserie and duty free shop. We expect the new cabins to be popular with Channel Islands’ residents. ’Islander is expected to enter service in November, with both day and overnight crossings from the Channel Islands and the UK.


Like it or not, I HAVE to go to the South Pole’ – Jersey Overseas Aid executive director Simon Boas speaks about life-changing diagnosis

I have recently been informed that, like it or not, I have to go to the South Pole. Or at least, that’s the best way I can think of describing what’s happened to me in the past few weeks. About halfway through this soggy summer, a surprised doctor confirmed that the weird lumps in my neck were metastasised squamous cell carcinoma, and the reason I’d had trouble swallowing for a year was due to a tumour in my throat. (I TOLD you I was ill, as Spike Milligan wrote on his tombstone).This all requires six weeks of pretty exacting chemo- and radiotherapy in Southampton, which is due to start in mid-September. And the best analogy I’ve found to explain it is that someone has told me ‘Right, Simon, you HAVE to go to the South Pole’. I have no great desire to go to the South Pole, and it’s not something one does lightly. But most people these days go to the South Pole and come back fine, although it’s perilous and you probably lose some weight (and maybe even some toes). However, I’ll also get to see some interesting things on the way (cancer penguins?) and know myself better when I get back.

So, I’m currently preparing for my unplanned expedition. I’m passing on my work as director of Jersey Overseas Aid to my wonderful team there, and my responsibilities as chair of Jersey Heritage will go to my fellow trustees. I plan to keep in close contact with both by radio, but need to recognise that there will be times when I’m in a crevasse and the signal is weak. I am going to lose weight on my trek south, so I’m feeding myself up as much as possible. Bruno’s Bakery and the Parade Kitchen are playing their delicious part. Yesterday evening, I ate over a kilo of cheese fondue, a personal best .Less enjoyably, I ought to start the journey as physically fit as possible, so the other day I did a press-up. I’ll probably do another one fairly soon .When all is said and done, this trip to the South Pole is a solo expedition. However, there are many people helping me. Cancer.je has offered me equipment (a phone for cheaper roaming) and even cash if I need it. Meanwhile, MacMillan has been stunningly, humblingly amazing. A sort of Polar Outfitters, if I can flog this metaphor for a couple more paragraphs.They have supplied so much in the way of mental and physical support. They have also given me all the information I’ve been craving, and had experts in all aspects of this journey tell me exactly what to expect. I cannot sing their praises highly enough. I have also had so much support from so many people in this wonderful Island. Cancer’s a funny one, in that it’s a scary thing and a lot of people don’t know how to react. But I’ve shed many more tears of happiness recently, at the affection I’m surrounded by than of self-pity. Thanks to my day job at JOA, I’ve long known what a compassionate and generous place Jersey is. I’m so grateful to everyone who’s got in touch, and have resisted responding to the many offers of practical help with a request that my sheepdog’s anal glands need expressing (not true, actually, though you’d do it too, you lovelies!).If it’s not too depressing, I shall keep you posted from time to time as I pick my way through the snow and ice.

And finally, with the future uncertain, one lives more fully in the present. One can still worry about what comes next, of course (and I’ve just learnt the word ‘scanxiety’). But I am also appreciating so many things I might not otherwise notice or feel grateful for. A happy dog stretching in the grass; a perfect mushroom; a really good stilton! Little things bring me enormous pleasure at the minute (and God, I’m going to miss cheese when the feeding tube goes in).Conversely, not being able to make plans removes any temptation to scheme, covet or fret. What I really wish is that I’d understood all of this many years earlier. With any luck I’ll recover, and have decades benefitting from (and annoying others with) these insights. And it is my sincere hope that some of you lovely people might reach these conclusions too, while there’s plenty of sand in your hourglass.


Filipino community celebrates its culture at Jersey’s first Barrio Fiesta

More than 200 members of Jersey’s Filipino community gathered on Sunday for the Island’s first Barrio Fiesta – a ‘neighbourhood celebration’ of the country’s culture. The Jersey Barrio Fiesta kicked off with a procession along the promenade by La Frégate and ending at the Radisson Blu Waterfront Hotel, where celebrations continued throughout the afternoon. The event included a buffet of Filipino food such as chicken adobo, crispy belly pork kare-kare and spring rolls, as well as live music, dancing and games, which were enjoyed by attendees of all ages. Event organiser Liza Cardwell – who moved to Jersey from the Philippines five years ago – said that she was ‘extremely pleased and very excited’ by the large turnout and described the Island’s first Barrio Fiesta as a ‘great opportunity to share culture, dress, food and music’. Although this year’s was a ticket-only event for the Filipino community and their families, the organisers hope to open it to the wider public next year, as happens with the Portuguese food festival.

With the local Filipino population now at around 1,000, Mrs Cardwell said that it was important to raise the profile of a community which was becoming a significant part of Jersey’s workforce. It seems that this year’s Barrio Fiesta has already gone some way in doing so, with many passers-by stopping to wave and ask questions about what was going on. Mrs Cardwell’s husband, Jerseyman Ian Cardwell – who also helped to organise the event – described it as an ‘amazing success’. He continued: ‘There were so many talented people entertaining so many people. An electric atmosphere enjoyed by very young and old. ‘The parade was loved by participants and spectators and we are now starting to plan for a bigger and better fiesta next year.’ Mr Cardwell added that ‘it wouldn’t be a great event if it wasn’t for the hard work put in by the organisers’ and thanked his wife as well as Dina Rouse, Josefine Reynolds, Rina Aaron, Millie Falle, Peach Nulud, Malen Ferrer, Gemma Green and Dave Gerali. He also praised the generosity of event sponsors Mega world, LBC, Alvin’s Hot Stuff Pizza, Rich City Enterprises, Treasure Cove and S&R.