Jersey Finance Limited (JFL), which promotes the industry, supported plans to cut corporate tax paid by companies.

Jersey's politicians have agreed to reduce corporate profits tax to 0% or 10% for some corporations.

The move is to ensure the island's finance industry remains competitive after the EU signalled it will no longer tolerate Jersey's tax system.

JFL chief executive Phil Austin said the move would send a clear message to the international business community that Jersey's finance industry is supported by its government.

"There's a new feeling of confidence in the industry, and a belief it has support from Jersey's government," he said.

"It's important that the States made a decision quickly."