Returning to my native island of Jersey in the 1980s after a long absence, I found the island transformed into an offshore finance centre. The combination of deregulation and technological change had opened up new markets. International banks and accountancy firms were queuing up for a slice of the action. The old town houses and merchant stores of Saint Helier were giving way to office blocks and car parks, and the island's labour market was so overheated that unqualified school-leavers were being paid higher salaries than graduates on mainland Britain. Porsches, Jaguars and BMWs were the favourite cars on an island that measures nine miles by five.

LRB 6 October 2005 | PDF Download