Simple Interest: The 1962 Amendment Of The Code Of 1771

For centuries, Jersey imposed caps on the interest rates that could be charged on money lent. By the early 1960s, a prohibition aimed at usury was looking increasingly outmoded in a world where financial services were increasingly sophisticated and internationalised and the States of Jersey wrestled with a growing population in need of housing and an updated infrastructure. This article examines the history of the prohibition and how it came to be removed in 1962.