PPM failing Cayman says Opposition

| 04/11/2008

(CNS): With reports coming in that the recent OTCC meeting in the UK was not particularly favourable for the Cayman Islands, McKeeva Bush, Leader of the Opposition, has criticised the government for failing to look out for Cayman’s need in the current hostile environment. “The Government has not been paying attention to the various international issues impacting our financial services industry," he said.

Given the various international challenges facing the financial services industry and news that the meeting did not go very well with respect to issues relating to the industry, Bush has criticised the government for not dealing with the various international challenges facing the sector from a number of directions recently.

“Just recently, the BVI signed a Tax Information Exchange Agreement with the UK and Australia. Also, Jersey and Bermuda are close to signing similar agreements with OECD countries. Despite starting this process many years ago, our government is now regarded as being at great risk of being blacklisted by the OECD in its new tax initiative because we have done absolutely nothing to deal with these issues over the past 3½  years,” Bush said. “The financial services sector is one of our most important industries. How could we have neglected the issues to this extent? What has the so-called Minister for Financial Services Policy been doing for 3 years?”

The Leader of the Opposition said that there are senior representatives within the financial services sector that are unhappy with the current government’s treatment of the industry and its issues. With various pieces of financial legislation held up for several years, industry players are crying out to put these in place to keep the industry competitive.

Bush said that there are clear signs that the government has neglected to deal with the financial services industry’s issues. “The Secretariat, which is a part of Portfolio of Finance, was created precisely to provide strategy support in dealing with these issues and in particular in the area of tax issues. Yet this office has not had a full time Director for the past 5 months,” he added.

"The Financial Services Council, which was created by the current government, but have they even met sufficiently to be effective? The FSC is chaired by the Minister for Education who has not apparently had the time to deal with the FSC. This minister should be held accountable for any failures to address the international issues which should have been dealt with by now.”

The Leader of the Opposition accused government of allowing competitors to the Cayman Islands to catch up and even move ahead in some areas as they are actively putting in place the necessary legislation to compete with Cayman.

“Our industry needs quick and proactive responses to legislative needs, they need to be supported with effective lobbying in key places such as Washington. They need to see visible evidence of promotion of our financial services sector overseas and they need attention paid to many of the domestic issues they have raised. This industry is just too important to neglect in this manner,” Bush claimed.

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  1. Anonymous says:

    PPM still better leaders than what wehad before who can ever forget the sell outs to the RICH CROOKS and the STATUS give WAY to more CROOKS .Now we not just feeling the world problems we have to deal with all this unnessary crap the other Government left behind .We will never be the same again .Have any one ever checked and see HOW MANY of the status give away people ARE on or SOCIAL SERVICES LIST for freeness every week .But real TRUE BORN CAYMANIANS cant get a $25 food voucher.I say what we should help them to is a ticket back to there COUNTRY.

  2. Anonymous says:

    PPM are JOKERS.

  3. Very Concerned says:

    Anyone withhindsight would have known that Cayman would have been affected from the fall out of the US economy.  If other larger and more developed countries in the world are feeling the effects what makes the PPM think that we in the Cayman Islands would not! dah how stupid can you get! As the saying goes " when the US sneeze Cayman catches a cold"

    However knowing what we now know  (and there is still some time to salvage something from the fallout) the important question which has been asked of the PPM and is yet to be answered is how do we as a nation deal with the fall out?  now is the time for the PPM (should they hope to be re-elected for a next term) to draw on theresources of the private sector to help steer them through these turbulent times. 

    Take heed as this maybe the last opportunity that the PPM may receive if it has any hopes of trying to get a second term!


    • Anonymous says:

      Foresight is what is needed.  Anyone can do things correctly with the benefit if hindsight. What is lacking in the current leadership is foresight!

  4. Anonymous says:

    No is the time for the country to have real leadership, and sadly the PPM and Mr. Tibbetts have shown on many occasions that they are not capable of leading our beautiful country. Mr. Bush you need to continue with your efforts to ensure that Cayman can regain its competitive edge. We need a leader that can understand the macroeconomic issues and how they affect our main economic drivers. The PPM are extremely good at spending exorbitantly but have no plans to make the revenues to cover their $1Billion capital expenditure.

    We need prudent and decisive leadership immediately. This country cannot afford to have the PPM in government for the next 6 months. I wish the election was next week!!

  5. Anonymous says:

     "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague."

    –Marcus Tullius Cicero

  6. Anonymous says:

    You were correct Mac, you told the PPM to cut back on their borrowing and spending, that great uncertainty and difficult financial times lay ahead for the Cayman Islands. Did they listen ??  NO, NO NO !!!! The old saying stands true, "I told you so but you just wouldn’t listen"

    Much has also been reported in the media recently by former chairman of the Monetary Authority Mr. Tim Ridley on the future financial hurdles that will be facing the Cayman Islands and what we should be doing to prepare ourselves for these upcoming challenges.

    Tell me though, the newly appointed chairman of the Monetary AuthorityMr. Carlyle McLaughlin, appointed by his cousin Hon. Alden McLaughlin of the PPM, where is he now ??? I haven’t heard "zip" from him as to how he intends to deal with these upcoming challenges. Has he and the PPM all gone underground in hiding now ???

  7. Watson says:


    No sh*t, Sherlock!