Travers hits back at British press

| 16/09/2009

(CNS): The chair of the Cayman Islands Financial Services Association, Anthony Travers is back in battle with the UK papers as part of his campaign to set the record straight whenever Cayman is publically maligned. This time Travers has written a rebuttal to The Guardian concerning its article published this weekend that suggested the UK government may have to “bail out” dependent territories such as the Cayman Islands. Travers wrote that the constant scapegoating of Cayman was to divert attention from the UK’s own inept fiscal mismanagement. Moreover, Travers points out that Cayman is in no need of any financial assistance form the UK.

“Despite this current propaganda war being waged by ill-informed factions within the UK and US governments, I don’t remember anyreluctance on their part during the recent cataclysmic financial downturn to beg Cayman for assistance in diverting trillions of dollars to their ailing US and UK economies,” Travers writes.

In his letter the CIFSA Chair states that Cayman has sourced its own borrowing from banks based on triple A credit rating and points out the sum the Cayman Islands Government needs to borrow is equivalent to less than half a day’s current overspend by the UK government.

“If we wanted lectures on how to manage our economy, the FCO would be the last body on earth we would approach,” the letter states.

Travers notes that as the UK government prepares to bring in a 50% top rate of tax and the British consumer is “crippled by further extortionate taxes on fuel, stamp duty, inheritance tax, airline charges, alcohol and a myriad of others,” he asks what kind of morality is it when a government takes more than half of what their citizens earn in taxation.

He also illustrates the stability of Cayman in the face of the economic melt down. “No banks or institutions went bust in The Cayman Islands. No bailouts were necessary. Unlike future generations in the UK and US, our citizens will not be faced with what has become known as "intergenerational taxpaying," he writes.

He also applauds the CI government for having the courage to propose a 2% cut in public sector pay. “What chance of Messrs Brown and Darling grasping that nettle?” Travers asks.


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  1. Anonymous says:


    Divide and Conquer 

    Dont you realise that all the infighting and digs at each other puts cayman in a bad light and gives the foreign media exactly what they want . 


    • Anonymous says:

      You are so right. I am surprised that most of the expats posting on here apparently do not recognize that this moment in time could change forever for the better the relationship between Caymanians and expats if they  positive, showed genuine concern about Cayman and offered constructive suggestions whether it is in respect of the crime problem or the financial difficulties. When instead you seize the moment to make nasty comments, hope for our demise, and say ‘if only you had let us run things, you wouldn’t be in such a mess, you incompetent Caymanians’ it confirms Caymanians distrust of you and turns a divide into a chasm. You play into the stereotype of the horrible expat. ‘See we told you so’. In turn this leads to nasty retorts from Caymanians and the war is on. 

      You know your friends in time of trouble. Prove yourselves genuine friends of Cayman. You may find that there is a whole new view on what the Immigration Laws should say. This is an opportunity, folks – make the most of it.   

  2. Caymanian says:

    WAY TO GO MR TRAVERS!! BRAVO SIR!! We are all behind you 100%!!  Travers for Governor!!!!  We appreciate everything you are doing for Cayman!

  3. Anonymous says:

     I wonder if Mac appreciates all the effort Travers is putting in on behalf of everyone on the island 

    • Twyla Vargas says:

      YES, I LIKE THAT, and, I do hope everyone see how Mr. Travers is trying to save the a== of Cayman Islands.  He may not have born yaw, but him ave roots yaw.  home grown and has adapted to our climate. 

       In my books I see a great man, who has accepted Cayman as his home for donkey years and is entered in my mind as an exceptional expatirate. So if more of them who naw born yaw, but live yaw, would think like this man would sure make a better Cayman.    Because we have some aah  una who have Caymanian status and only drain Cayman dry.

       Again Thank you Mr Travers, and I do believe you are genuine.  Walk good.

      • Anonymous says:

        You just had to get that comment in about those Caymanian status holders bleeding your island dry…  BUT… You conveniently forgot to mention the 1/4 of your very own born and bred who drain the Cayman Islands dry, and then some.  Aside from your wanksters and their little crime wave that will seem like a raindrop in the ocean when all is said and done, you have your cocaine sniffing, dope smoking, alcohol swilling regulars et al whose only contribution to the Islands is each impregnating a few dozen of your lovely lasses, so that the spawn can run mayhem just like mommy and daddy …

      • Anonymous says:

        Labels, labels…if so highly thought, ‘exceptional person’

    • Anonymous says:

      How can he? Hasn’t he gone bowing and scraping to the UK for funds? Isn’t it ironic that Mr. Travers says the FCO is the last place we would want to go, yet that is where MAC is now?

      None of this is taken seriously by the UK because the government has not demonstrated creative and/or sensible ways to get this country back on its feet.


  4. Anonymous says:

    Brilliant Mr Travers! Keep it up. You could also have pointed out that Cayman had the sound fiscal sense to close its civil service defined benefit/final salary pension scheme to new members in 1999 as being totally unsustainable. Something the UK civil service unions have refused to allow the UK government to do, even though their pension fund is totally unsustainable also, and the UK private sector is closing (and has been for years) their defined benefit schemes-even to existing members.

  5. Anonymous says:

    Go Travers!

  6. Anonymous says:

    Mr Travers description of the poor state of UK finances does not do justice to the true position: it is far, far worse. However, it should be noted that it is all the fault of one man: the current Prime Minister and former finance minister, Mr Gordon Brown. We can only hope that he allows us to hold an election so that we may vote him out of office; given the previous behaviour of the New Labour regime, it cannot be taken for granted that we will get that chance.

  7. Anonymous says:

    Thank you, Mr. Travers.

    Your continued effort in this space has been the best effort thus far.

    Please keep up the good work.

  8. Thankful says:

    Simply: Thank you Mr. Travers for the continued mission to set the record straight.

  9. Anonymouse says:

    Complete UK Garbage!…

    The soundness of the finances of a country is judged by the GDP to debt ratio: the UK’ s debt represents 42% of its GDP, while it’s only 27% in the case of the Cayman Islands…

    Cayman: GDP $2,254 Billion — Debt $600 million…

    Brits are total financial Morons…

    Brown sold 400 tons of Gold (1/2 the UK’s total reserve) at $255.00 in 2001 at a multi-decenny low, losing some $9 BILLION in the process compared to current price of over $1000.00 per ounce…

    Watch on Youtube a video from Max Keiser calleda "Brown’s Bottom"…