Island's banking business at risk

The finance industry will leave Guernsey if major tax reforms are not brought in, a former deputy has said.

Advocate Peter Ferbrache claimed banks would show no loyalty to the island if there was no commercial advantage for them to stay.

Radical plans to abolish corporation tax are being considered to protect the finance industry and encourage companies to stay in the island.

A special States meeting will take place in February to decide the issue.