2nd fuel duty cut coming NYD 2016
Cayman Islands Premier Alden McLaughlin in the Legislative Assembly (Photo by Dennie Warren Jr)
(CNS): The Cayman Islands premier has promised another cut in the duty placed on fuel imported by CUC, which will come into effect in January 2016, taking off a further 25 cents per gallon. He made the announcement as he delivered a policy statement in the Legislative Assembly Friday ahead of the finance minister’s budget, removing all of the fuel duty added during the previous UDP government. Alden McLaughlin also announced that government will implement the recommended $6 minimum wage in March next year.
In a long pre-budget address following the governor’s exceptionally short throne speech, McLaughlin said his government, having now secured economic growth and improved public finances, could turn its attention to other important factors to re-energize the country and ensure everyone, and not just a few, benefits from the growing economic success.
As McLaughlin outlined plans for the next two years of his administration he also indicated daylight savings would be introduced next March and plans for a national composting initiative, as well as much wider recycling plans, well ahead of the plans for the dump solution and the planned national waste management strategy.
Check back to CNS later for a full report and budget coverage from the LA.
Category: Government Finance, Politics
The dump will kill us all before then.
But fuel is so cheap in Cayman. Surely there are better ways of reallocating funds. Increasing fuel duty would be a better policy, particularly from an environmental perspective.
Fuel duty is too low already. All this will do is lessen the incentive to look at alternative methods of producing electricity and powering vehicles. In the long run, if we raise pricing on gasoline and diesel, we could subsidize solar panels, electric and hybrid cars, and other alternative energy source products. We could even use the increased revenues to pay for an actual good public transportation program and improving our road infrastructure, reducing congestion and benefiting the tourist experience simultaneously. Everyone wants cheaper gas and electricity, but nobody wants to acknowledge or mitigate the externalities.
Please remember that there are poor people here struggling to make ends meet before pushing you left wing agenda.
Fuel being a large part of the cost of living directly and indirectly, any reduction in its cost is welcome.
If you want and could afford to pay more, simply start an account and donate the funds to a renewal energy company of your choice to subsidies customers as you suggested.
So how come a policy you say harms “the poor” is part of a left wing agenda? Do you watch Fox News?
what new economic policy have the ppm implemented in the last 2 years????
Prudent management is always a good economic policy.
ppm have done nothing except keep the same economic policies of the udp…..
btw….why haven’t retailers here reduced the prices of goods because of the recent fall in oil prices…..which means they are paying less for fuel, electricity, shipping, overheads….etc?
Get ready for taxation of some form. You can save this comment for a further date.
Hope Alden isn’t going to try to take credit for this idea.