Economy

Unlike many countries Guernsey has not delegated money-creation to the central bank and has instead issued interest-free money since 1816. As a result the government has not had to use increasing amounts of tax revenue to repay debt to the central bank, which has led to low income tax rates, no goods and services tax and no capital gains tax.

Financial services, such as banking, fund management, and insurance, account for about 55% of total income in this tiny Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers especially freesias have been declining. Light tax and death duties make Guernsey a popular offshore finance centre for Private Equity Funds. However while Guernsey is not a member of the European Union the EU is forcing Guernsey to comply more and more with its own rules. As with other offshore centres, Guernsey is also coming under increasing pressure from bigger nations to change it's way of doing business in many ways. Some argue full independence is the way forward, probably within a joint Channel Island federation with Jersey. Guernsey is currently changing the way its tax system works in order to remain OECD and EU compliant, and is confronting what it terms a financial "black hole" of forty-five million pounds or more according to some estimates. Guernsey now has the official ISO 3166-1 alpha-2 code GG and the official ISO 3166-1 alpha-3 code GGY; market data vendors, such as Bloomberg, will report products related to Guernsey using the alpha-3 code.

Guernsey issues its own sterling coinage and banknotes. UK coinage and English and Scottish banknotes also circulate freely and interchangeably.

Public services, such as electricity, water, and postal services have been commercialised by the States and are now operated by companies wholly owned by the States of Guernsey. Guernsey Telecoms which provided telecommunications was sold by the States in a 'fire sale' to Cable & Wireless. Wave Telecom, (owned by Jersey Telecom) also provides some telecomunications excluding local loop services. Gas is supplied by an independent private company. Both the Guernsey Post postal boxes and the telephone boxes are painted blue, but otherwise are identical to their British counterparts, the red pillar box and red telephone box.

Ports and harbours exist at St Peter Port and St Sampson's. There are two paved airports in the bailiwick (Guernsey Airport and Alderney Airport), and 3 miles (5 km) of railways in Alderney.

The Guernsey Railway, which was virtually an electric tramway, and which began working on 20 February 1892, was abandoned on 9 June 1934. It replaced an earlier transport system which was worked by steam, and was named the Guernsey Steam Tramway. The latter began service on 6 June 1879 with six locomotives. This leaves Alderney as the only Channel Island with a working railway.

* [Notes on the Railway taken from The Railway Magazine, September 1934 edition]

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