Britain’s EU exit shakes world economy

| 24/06/2016 | 146 Comments
Cayman News Service

Prime Minister David Cameron outside 10 Downing Street

(CNS): With more than 17 million people in Britain voting to leave the European Union after more than 40 years, the global economy was facing a period of uncertainty and uncharted waters Friday as British Prime Minister David Cameron resigned. The impact locally as a result of the volatility ahead in financial markets as well as the Cayman Islands’ own relationship with the UK as a dependent territory remains to be seen. Financial Services Minister Wayne Panton said the exit was a shock and its implications for the Cayman Islands would be more indirect.

“The biggest concern will be market volatility and whether that has any lasting impact on global economic prospects in the short to medium term.‎ Our market is globally diverse, so that should provide some insulation, and we feel confident that we are well placed to weather any disruptions caused,” he told CNS in the wake of the ‘Brexit’ news.

Meanwhile, CNS asked the governor’s office about what this would now mean for Cayman and its relationship with the UK, but officials had no comment to make and referred us to Cameron’s short speech in which he announced his plan to step down and spoke only in broad terms of the turmoil ahead.

The final result was a reversal of the poll predictions, as 52% of the more than 33 million voters who turned out opted to leave rather than the expected ‘Remain’ outcome.

Speaking outside 10 Downing Street, Cameron said there was a need for new leadership to steer Britain’s exit. Brexit leaders and likely candidates for Cameron’s job, Boris Johnson and Micheal Gove, suggested that article 50 of the Lisbon Treaty, the mechanism by which the UK will leave the union, did not have to be triggered yet.

But European leaders said the exact opposite and that the departure of the UK should happen as soon as possible, as they pointed to the need to limit what everyone believes will be the uncertainty ahead. Describing it as a “difficult day”, the European leaders said the UK could not take its time over the negotiations about the conditions under which it will leave the single market and the “exit must be swift”.

UK Opposition Leader Jeremy Corbyn is also facing a challenge from his parliamentary party as they and the wider Remain campaigners blamed him for his reluctant support and the clear indication that huge numbers of Labour supporters voted ‘Leave’ against the party’s position of strong support for the EU.

In Scotland, where voters overwhelmingly voted to remain in the EU, with 63% of voters opting to stay, the leader of the Scottish Nationalist Party, Nicola Sturgeon, announced plans to begin preparations for a second independence referendum and talks with Europe to ensure that Scotland can remain part of the Union regardless of moves in Westminster.

As the pound plummeted Friday, markets tumbled and pundits described the opening of trading in the US as “pretty ugly”, the only certainty in the world economy appeared to be the uncertainty ahead.

EU referendum outcome: PM statement, 24 June 2016

Brexit and its impact on non-EU hedge funds

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Comments (146)

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  1. Anonymous says:

    England withdrawing from EU with some alacrity! Today they decided to withdraw their football team from the EUFA 2016 Championship.

  2. Anonymous says:

    UK voting for the exit of a European Union is just a reflection of the increasingly turn-off felt world wide for globalization. People are fed up with losing their identities for the benefit of companies who are looking to turn more and more profit and provide crappier and crappier products.

    That said, I am not certain that the folks in the UK realized that it will be get much worse for them before it will get better. It already has become evident that some pro BREXIT politicians have campaigned on fabricated stories and that they solely focused on campaigning for the exit without any plan what will need to happen once the exit has been achieved. Companies/Banks have already announced to focus future investments and jobs elsewhere until it becomes clear which direction UK will go from here. I would find that very scary. Also, whilst it will the UK take until October to establish the next Prime Minister, clearly the people in Brussels won’t be wanting to sit down twiddling their thumbs until the UK has sorted out its internal affairs so the pressure is on.

    I estimate that it will take the UK just as long to cut the ties with the EU as it took them to get accepted into the UK. If the current UK citizens are prepared to ride out those rocky years ahead for the potential benefit of future generations, then good on them. No whining in the meantime please.

    The lesson learned here is that at the moment, politicians world wide seem to be out of touch with their electorate and are misreading the mood. I would urge Cayman’s politicians to wise up quickly and also to put some austerity measures into place as it remains to be seen how much love the mother country will have for its offshore territories once the EU funding has dried.

  3. Anonymous says:

    Scotland and the idiots signing the petition for a revote need to shut the F up.
    It matters not what they decide……….Mother England only needs to issue an “Order in Council” to over ride their majority wishes …………….. Or does that only apply to the Cayman Islands and the rest of the BOTs?

  4. Anonymous says:

    So you have some nasty accountant, banker or lawyer from the UK or UK wannabe or some decent bloke from the North or Wales who goes home with grease on his hands and an impossible mortgage whilst immigrants are revelling in benefits,

    I know whose side I am on. Screw the sanctimonious gits.

  5. 345 says:

    It is truly hilarious to see how a post on a website gets people to make so many assumptions.
    1. I am Caymanian
    2. I do not even have a British Passport
    3. I was in the UK once, on a family trip when I was 15 (many moons ago) other than Heathrow.
    4. I have no investments in the UK

  6. Anonymous says:

    Google ‘news search’; “Hate crimes UK”.

    See what is happening there right now.
    Also, the government, on all sides, is in complete chaos.

    So comforting to know the UK is Cayman’s “mother country” to whose concerns we are constitutionally ordered to regard as primary and foremost.

    It is past time we commence the big discussion.

  7. Anonymous says:

    The irony of these comments against the backdrop of what has been daily heated debates on CNS.

    We could easily substitute “UK” for “Cayman” and apply the same argument in respect to control, immigration, domestic economy and unemployment as legitimate reasons for the Brexit.

    However, Caymanians have been continually slandered as xenophobic, racist and hateful at the times when we have done so…myself most definitely included.

    Considering the vast difference in levels (and impact) of immigration respective to the countries in question – this all makes for very interesting reading.

    – Whodatis

    *Then again, many immigrants (aka expats) in Cayman consider that term as below them so they will likely pretend to not see the irony before us.

    • Anonymous says:

      There is nothing inherently racist and xenophobic about the topics of immigration, the economy and unemployment.

      There is, however, almost always a deeply racist and xenophobic element to any discussion of these topics which you chose to post on CNS.

      Before you cry foul, read the last sentence in your post above. Are you not prejudging the opinion of ” many immigrants ” who you almost certainly have not canvassed on their opinions on this topic and then casting their reaction in a negative light?

      And if you don’t see it – and I don’t doubt that you won’t – no problem. You have that trait in common with many righteous but deeply prejudiced individuals.

      • Unison says:

        O go sit down! Who has a valid point! The hypocrisy is obvious :))

      • Anonymous says:

        Re: “There is nothing inherently racist and xenophobic about the topics of immigration, the economy and unemployment.”

        Yes, of course not, but apparently this only applies when certain “special” groups are accused thereof. After all, they are the standard and it is perfectly acceptable to safeguard the norm from the others.

  8. Anonymous says:

    #Bregret . #ScotLond .

    +2,000,000 people supported petition requesting “a second chance” or a referendum resit.

    ‘Google UK’ searching trends; “What is the EU?” on June 24.

    “I didn’t think my vote would matter” – Leave voter in interview.

    75% of under 25’s voted “Remain” in a referendum with severe impact on the future of the UK.

    Protest in the streets of London calling to remain and the disregard if the referendum result …

    All of the above going on yet we’re attempting to debate the result from a complexed and intellectual standpoint in CNS?

    Sorry but the Brexit result is simply not worth the effort, time and grey matter required for meaningful discussion.

    To each his own tho.

    – Whodatis

    • Anonymous says:

      Sorry pal, if most of the 25 and unders voted ‘Remain’ with their fantastic experience of this world and its corrupt politics, what does that tell you?
      Seriously mate, you probably need to take a rest from posting or at least pull your foot out of your mouth.
      To each his own, eh, after you have slammed them?

      Humility is not your strong point and you are very opinionated, perhaps feeling that everyone should stop and listen to your bullshit.

      I accept that you have your point of view. It may be right sometimes, but you cannot possibly be right ALL the time.

      I have posted here before and been corrected. I have duly apologized. No harm done.

      Please take a deep breath, regroup and come back with some pleasant posts.

      Let us make Britain great again. Why not? Let us make Cayman great again. Why not?
      I am here, you are here, it is not our opinions that make us great. It is our deeds.

  9. Anonymous says:

    Some of us have been highlighting the rising tide of racist / nationalist / far-right rhetoric, organisations and democratically supported political parties for a number of years now.

    We have seen the near brushes in France, Austria and Holland in this regard, in fact even Germany has seen their AFD enjoy the significant and greatest growth during their recent elections.

    In the UK the EDL (English Defense League), UKIP, BNP (British National Party), BF (Britain First, I guess there are nationally politically-correct right-wingers?) have been on a steady increase.
    We have even witnessed the brutal murder of MP Jo Cox carried out in the name of nationalist / racist ideology just days before the referendum.

    (Btw, what is the fundamental difference between her murder and that of Lee Rigby? I see none as both were brutally attacked by an individual(s) in the self-professed name of and motivated by an identifiable group / ideology. The only differences were in the race, background and faith of the attackers. Yet one was labelled as an act of terror and the other, which CLAIMED THE LIFE OF AN ELECTED BRITISH MP has apparently been diminished to “a rogue mad man with mental issues”.)

    Had it been any part of the world other than the UK or European Union we would all be in agreement as to what is really at play. However, apparently some regions enjoy unlimited benefit of the doubt and demand convoluted and drawn out hair-splitting debates and discussion over whether or not the grass is really green.

    (Are we willing to stop and intensely dissect the ideology and convictions of ISIS and Al Qaida as well? I am quite sure there are at least some honourable motivations propelling their organisation.)

    Granted, concerns regarding sovereignty, control and unemployment are genuinely held by some as it concerns the Brexit, but please let us respect our mutual intelligence and at least acknowledge what is clearly before us.
    Unless, of course, all of the above along with unmentioned accompanying factors, is nothing but a perplexing coincidence?
    Are we really saying there is no connection?
    Only a fool or trickster would make such a claim.

    The game of denial and “it’s only a few” has been employed for years now but the UK, EU and the rest of the world was delivered a loud alarm bell on June 23, 2016.

    It is time to wake up.

    – Whodatis

    *In light of these UK / EU developments and the defence thereof, albeit likely flawed, on the basis of unemployment, sovereignty and genuine concerns about the negative impacts of immigration on the host community, as we are on CNS, can we assign some of that empathy and consideration to the people of the Cayman Islands?

    For if we are to believe the UK is genuinely reeling from immigration, with its relatively minuscule percentage, then imagine what is hitting at the core of Cayman society which has seen its population double in my lifetime alone. Furthermore with a sizeable percentage of our immigration landing in positions of wealth, power and control.

    • DatAfool says:

      Have a good time paying for the current government spending when you get your wish of all the furiners leaving.

  10. Anonymous says:

    Can Scotland really get out of the UK if say 55% vote to do it? Can’t the UK say sorry but no? We foreigners don’t understand.

  11. Anonymous says:

    And the question is will MacBushy propose Cayman have a vote for Independence when he wins the next election???

  12. Anonymous says:

    GO TRUMP!!!!!!

  13. E. Idle says:

    If nothing else, at least we got rid of that twat Cameron.

  14. Donald T. Rump says:

    Make Great Britain Again!

  15. Anonymous says:

    I am not trying to get up in the UKs business, but I believe those who did not want Brexit were kind of like those who don’t want Trump for President in the US. They were in a stupor and probably thought it would not happen. Beware cocky politicians on the Rock- same thing will probably happen here next year. A new day!

  16. Anonymous says:

    Never underestimate the unrelenting power of racism.

    The UK government made a grave mistake when they set aside their traditional role as filter of true English ideals and prejudices. They allowed the people to show their true colours and this is the result.

    I am sincerely disappointed by what has become of the UK, even more by the inevitable as it concerns Scotland.

    Anyway, it is what it is. I just spent the last few days debating many posters on CNS on the relevant issues but I was dismissed as hateful, ignorant and uneducated on the situation. I take no pleasure in being right on this occasion.

    Unfortunately, once again history has proven that some people simply don’t really know themselves. Or they suffer from a severe case of denial.

    (Before anyone suggests that the majority that voted in support of the Brexit did so for economic or sovereign reasons I politely direct them to the colour map reflecting the intensity of the vote according to region. Nuff’ said on that.)

    In one night the futures of decent, tolerant and good-natured young Brits were gamble or destroyed by their prejudiced and fearful (soon-to-be-dead-and-gone) English grandparents.
    It is an absolute shame. A crying, despicable shame.

    Nevertheless, I wish them all the best and do hope that by some miracle the United Kingdom manages to remain united.

    – Whodatis

    *It is crucial to understand that this issue is not simply a UK:EU matter. There is a serious risk of Scotland going independent, which would essentially spell the end of the United Kingdom, a significant loss of oil revenue, and ultimately result in a very unfortunate reality.

    • Anonymous says:

      I read your latest diatribe with interest as I knew that your hate for the British would urge you to promote your ignorant bile once more.
      You are wrong on almost every count.
      For a start, the majority of England and Wales voted out, it was only really liberal London and socialist Scotland, (a country with survives on EU grants) which wanted to remain, I urge you to check out the blue that covers the out areas.
      As for racism, you are more stupid than we have always thought, it definately has everything to do with sovereignty and accountability, the primacy of the British voter to decide who gets to form legislation, not an unelected bureaucrat in Brussels.
      To come out with this bilge is a perfect illustration of your hate as it is based on falsehoods and ignorance of the facts.

    • Anonymous says:

      Sanctimonious tosh. Perhaps Brits can now grow a pair and restore their once vaunted manufacturing, farming and educational sectors destroyed by weak and dainty politicians.
      Perhaps Britain can be Great again?

      • Anonymous says:

        So Britain, the country that co-spearheaded the concept of globalization and outsourcing will suddenly execute a 180° U turn and become a modern and competitive western nation of manufacturing and industry?

        Sounds like a faceoff with Germany.
        I look forward to the return of Rovers and Austins. However, in the meantime I’ll stick to my Audi Q7.

        – Who

        *BTW, I doubt the leaders of UK commerce share your optimism. Research their summation of the state of the typical, young British worker.

        Don’t shoot the messenger ….go on, search and see what you find.

        • Anonymous says:

          It was the scumbag politicians who tried to force globalization on the public who have just been served notice that this arrogant behaviour is unacceptable.
          The elites need to get a real education and stop throwing their fake liberal politics around on people who simply do not resonate with that ideology.
          We have lived with you lefties for many years and while you continue to shuffle papers around, send emails and generally tell us how important your opinion is, we’ll just continue farming, building and fixing broken stuff so society can continue.
          We begrudge you nothing, please let us have the right to our own opinions.
          By the way, you can keep your Audi because even if I could afford one, I am quite happy with an economical compact.
          I wish you all the best.

        • Anonymous says:

          Self hate issues.

        • Anonymous says:

          Germany export 20% of their cars to the UK, they need a decent outcome from negotiations more than the UK does. The main driving force of the EU has been Germany’s industrial powerhouse, and an ability to sell their exports unabated. They drive up the trade imbalance and make sure cheap funding is available to pay for those exports by pushing through legislation that funds the failing countries ability to borrow, and buy more of their exports. The UK makes stuff, just not in the same fully formed output as they once did, they have never been part of the euro and have always had a degree of separation from mainland Europe, this is just another phase. As much as everyone who hates the UK is trying to gloat at their apparent foolishness, I will break it down into local terms. If Cayman had to accept expats from CARICOM without any permits do you not think they would vote ‘no’ at a referendum on whether to continue? It’s a rhetorical question as the answer is obvious.

    • Unison says:

      Alot of voters in the UK see breaking from the EU, a liberating thing. Finally, the UK can make laws and cast votes without the EU special interest or global elites interfering.

      Errr ..I don’t know how you tied this into racism or Trump supporters. :/

    • Anonymous says:

      Dear Respondents,

      I am not in a fighting mood today.
      It is what it is.

      The fact remains that young Brits voted overwhelming in support of remaining in the EU. The future is there’s and not so much for the demographic(s) that carried the vote.

      There is no way that can be spun into a positive.

      Anyway, the decision has been made – what else would some of you say but supporting sentiments – regardless how baseless?

      Wishing all the best for the decent Brits across the pond.

      – Who

      • Anonymous says:

        Interesting, maybe we should now only allow Brits here and throw out the EU citizens?

      • Anonymous says:

        Sorry that is rubbish, you are basing your assertions on a poll of 1800 people. By saying it’s a ‘fact’ usually loses an argument. If you don’t understand the issue it’s best not to turn it into something it’s not and has never been. Answer me this if you will, if Cayman had 500 million people eligible to live, work, claim benefits, get free schooling and free healthcare and had no way of restricting the number of people arriving, because the UK said so, and given a vote to claim a degree of control how would you vote? And would you be labelled ‘racist’ for doing so? The 17 million people who voted ‘out’ had a lot of disparate reasons, some small amount no doubt from a racist point of view, some young, some old, but the overarching view was that of regaining a degree of control over how the country is run.

      • Anonymous says:

        What a load of bollocks, Let me guess, you are some sort of late 30 early 40 codpiece who works in the financial industry. You have probably never done a lick of real work in your life unless you classify sending emails, shuffling papers and being a nuisance on that cell phone of yours as being “work”.
        I am sure that those who really know you are chuckling at this. I know you….lol.
        And no, I won’t be making your coffee in the morning.

      • Anonymous says:

        Theirs. you must be tired take rest my friend, take rest

    • Anonymous says:

      You comment on another story to claim you were right in the other nonsense you uttered about work permits. Just shows how unhinged from reality you actually are.

    • Anonymous says:

      To simply ascribe the result to racism (apparently, in your world, only old people are guilty of that) is to fail to understand a far more complex situation in which sovereignty, economics and democratic accountability were very real issues. There was also a large element of rebellion against the political and financial elites and the perception that the EU was good for them, but not for the ordinary man.

      The Remain campaign made similar mistakes and lost it’s argument. For the record, I voted for Remain

      The correlation with age is actually quite weak. The correlation with income and educational level is much stronger. People with lower income and lower educational levels were more likely to vote to leave. I don’t think that’s surprising, to be honest – they are the ones on the sharp end of competition for jobs, public services, council housing and health care and have direct experience of their wages being undercut by new arrivals.

      • Anonymous says:

        These very frictions exist in Cayman right now.

        However, when Caymanians push against we are swiftly regarded as xenophobic, backwards, racist, entitled etc by the CNS regulars.

        Everything you have said could be directly applied to the local setting. However I doubt many will acknowledge yet staunchly endorse your perspective on the Brexit result.

        This is the hypocrisy that I always highlight on this forum and have been labeled as all sorts of hatred on CNS.

        There are many similarities between Cayman and the UK but unsurprisingly many Brits simply refuse to see it. Why is anyone’s guess.

        I wish them good luck. Pride before the fall and all that stuff.

        • Anonymous says:

          I agree with you that these frictions exist in Cayman for similar reasons and that it is completely wrong to accuse anyone of xenophobia or worse, simply for looking out for their own livelihood. There are, however, definitely some on both sides of that particular argument that exhibit xenophobic, backwards, racist, entitled attitudes and they rightly deserve to be labelled as such.

          The fact remains, though, that Cayman has a system that even the vast majority of those that voted for Brexit would be happy with. Many Remainers were also concerned about the unintended consequences of the free movement of peoples, particularly with the accession of a number of poorer Eastern European countries, but would have liked to change the EU from within (and there were signs that that was starting to happen). Others, unfortunately, felt that the only way to get change was by leaving.

          Though the concerns by both populations in Cayman and the UK are superficially the same, the devil, as always is in the details. If you think that Cayman has a problem now, when Caymanians control their own system, then consider this roughly parallel situation to the UK in the EU: consider how you would feel if anyone in the Caribbean could simply move to Cayman, without a job to go to, and automatically qualify for free healthcare, free education for their children, free housing and unemployment benefits. They can even claim benefits for members of their family who don’t live in Cayman. They don’t need a work permit to apply for any jobs and they also don’t need permission from a “Business Board” to set up businesses that are happy to undercut existing Caymanian businesses. Then add to that the fact that you can’t change that situation without the agreement of every other Government in the Caribbean. Now imagine that that was agreed to, without consultation with the electorate (indeed, almost in secret), by the Cayman Islands Government.

          Prior to 1993 the EEC guaranteed “free movement of labour”, which was closer to the system that Cayman operates, but without the work permits. Basically, you had to have a job (or be self-employed/ demonstrate that you could support yourself) to move to a country and over time you would qualify for benefits in the host country, should you need them. Most people were happy with that and it had huge economic benefits for Europe as a whole.

          • Anonymous says:

            10:46am. You just could not help yourself in your first paragraph now could you?
            Myself and every other Caymanian are left to figure out which side of your statement YOU think we fit onto……………

            • Anonymous says:

              Nope. Couldn’t help him/herself one bit.

              Always shifting those goalposts. He must be at the halfway line by now!


              – Who

              • Anonymous says:

                Who’s “he”? I would be interested to know which other poster you think I am.

                Do you have any useful comments on the substance of the post or was it just an opportunity to get in an ad hominem on someone who posted some points that you may not have wanted to hear.

            • Anonymous says:

              Do you disagree with the statement that

              “There are, however, definitely some on both sides of that particular argument that exhibit xenophobic, backwards, racist, entitled attitudes and they rightly deserve to be labelled as such”

              The fact that you appear to be offended by even-handed crticism of both sides in the debate tells me a great deal about YOUR character and bias. I have just commented on what I see constantly posted by people on both sides of the Caymanian /expat divide

              “Myself and every other Caymanian are left to figure out which side of your statement YOU think we fit onto”

              Why should you need me to tell you? Look into your own soul and make up your own mind about where you fit. Just be honest with yourself, that’s all that’s needed

    • Jotnar says:

      So voting against outsiders determining your laws and forcing you to accept uncontrolled levels of immigration is racist? That seems a little inconsistent with your usual position on the UK determining Cayman laws or policy, or your views on outsiders having jobs here or becoming Caymanians. Am I to assume that you are now admitting you are a racist, or is it that everything the UK does always is?

  17. 345 says:

    Congratulations xenophobic, right wing idiots. You have managed to wreck your economy and in the process significantly devalued my pension investments worldwide.

    • Anonymous says:

      Boo hoo! Should have read the mood of the U.K. population better and made preparations then idiot. But how can you sheltering your tax in Cayman, tough luck buddy, should have been smarter earlier.

      • Anonymous says:

        You seem like a caring person. I sure hope you’re raising children

      • 345 says:

        If you are in a pension plan in Cayman, as most Caymanians are, you might want to check with your pension administrator, to see how your investments are doing.

        This will affect all Caymanians and residents.

        • Anonymous says:

          24/06/2016 at 8:11 pm
          Oh,please, stop fear mongering.

        • Anonymous says:

          If you plan on taking your money back to the UK you are doing real nice. My personal accounts went down in value about $300 .00 or about 3% but the pound was down 9%. My expenses next year are in GBP with a college student so, things aren’t always bad.

      • Anonymous says:

        I wouldn’t jump up and down in joy. Your pension will now come under pressure both at home and from International markets. When you don’t produce or manufacture anything locally, you cannot depend on exports either to shore the economy.

    • Anonymous says:

      What is xenophobic about leaving an unelected Commision and failing economic bloc. And we’re idiots?
      We remain Europeans, we don’t need EU bureaucrats to tell us that, we just want to be masters of our own destiny, not sheep led by dictators in Brussels.
      Many want to make this solely about immigration, it’s not, it’s about sovereignty, of which immigration is just one of many factors.
      So the British people want more control over who can enter their country, it happens here, why can’t it happen in the UK without the liberals claiming its xenophobic?
      Get a life moron, legitimate concern over sovereignty isn’t the same as racism or xenophobic immigration policies. It’s because of tree hugging idiots like you dictating to the rest of us that this has happened, we’ve had enough of being spoken at instead of being spoken to. Live with it or stay away.

      • Anonymous says:

        It’s funny how socialist braniacs disagree for the sake of it.

        • Anonymous says:

          I do not think socialist means what you think it means.

          • Anonymous says:

            Sorry friend, I was agreeing with the poster knowing full well the horrors of socialism. It’s funny how word that appears benign is rooted in evil intent.

      • Anonymous says:

        3 50 pm I agree with everythinh you wrote, well said.
        Ironically while reading it, as a Caymanian I could not stop myself from replacing the word Brussels with London and the word British with Caymanians

  18. Anonymous says:

    The English are revolting.

  19. Anonymous says:


  20. Anonymous says:

    of course this is going to affect Cayman directly
    1) Cayman credit rating is due to the UK backing us up, and its credit rating, which today dropped.
    2) the new EU blacklist is coming out in a couple of weeks, and the only fighting for us not to be included was the UK. So now it will be left to the rest of the EU that are openly hostile to offshore centers, specifically British overseas territories.
    3) the EU passport system for funds marketed in the EU was expected to include Cayman this year, but this can now all change, even the UK, where a fortune has been spent getting compliant to the European AIFMD and EMIR, may be all for nothing as the UK’s fund’s passports will all have to renegotiated.

  21. Anonymous says:

    Any time we disagree with our immigration policies we are branded as being xenophobic. I now wonder who is xenophobic because the main reason for England leaving the EU has to do with their dissafaction with their immigration system. They have thrown the entire free world into a tailspin because they wanted to clamp down on immigration. I am not saying they are wrong!! However, to all the Brits abs others who clamoured to put us down whenever we dared to speak out over our ” unfair towards Caymanians” immigration laws how do you feel now that the shoe is on the other foot.? You see see sometimes it takes drastic steps!

    • Anonymous says:

      I like it.
      The shoe on the other foot sometimes takes drastic steps.
      It’s……… A classic

    • Anonymous says:

      Yes, but you are British. You cant be Xenophobic against your own, but you somehow managed it. Only in Cayman…

    • Anonymous says:

      The UK’s stance on immigration control is a world away from Cayman’s. For a start, your government, whether with your personal consent or not, authorises a work permit system. It may not be perfect and may be open to a relatively small amount of abuse, but it cannot be in anyway compared with the tragedy that’s being played out in Europe.
      Germany alone has opened its doors to over one million, (mostly male) undocumented migrants. This has a direct impact on the UK when the majority of those immigrants obtain EU asylum documents that allow the freedom of movement within the EU in its entirety, not just the Schengen countries. These people are unknown and present an immediate threat to the cultural, religious and accepted traditions of the U.K., to say nothing of the huge gender imbalance of importing hundreds of thousands of young Arab and African men into society.
      Uncontrolled immigration does not apply to Cayman, you simply cannot settle on these islands without authorised work, if you can, then your immigration officers aren’t doing their job properly at the border.
      The shoe is most definately not on the other foot, you have an issue with legal work permits, permanent residency and status awards, all people in legitimate employment according to your own laws, not undocumented and uncontrolled migrants. This is squarely a Cayman problem and it is for you to hold your own representatives to account for bringing in flawed legislation, not thousands of economic migrants.
      Sorry guys, you can whine as much as you like, but you will never be in the same unenviable position that Europe has found itself through its own hubris.

      • Anonymous says:

        xenophobic racest bigot

        • Anonymous says:

          What I have a problem with is that we have 11 persons with master degrees, 34 with bachelors and 20 something with associates who cannot find a job, while the Premier is making arrangements for another 2000 in the next 18 months. It has nothing to do with you unless you are holding a job that one of those listed above should have. If you think that is xenophobic I really do not care.

    • Anonymous says:

      The immigration issue in the UK is nothing to do with documented, fee- and tax-paying workers entering the country on work permits to fill advertised job vacancies. A closer comparison would be with the Cubans that you currently have locked up in detention centres. In the UK, refugees get social security, council housing, free health care and free education for their children. From reports elsewhere on CNS, it appears that all they get in Cayman is free sex and drugs

  22. Anonymous says:

    Lets make the World Great again. Starting with the Brits, then next is the good ole USA. Too many ungrateful imports wanting to change every country that they enter as immigrants to the hell holes they come from.
    Its one thing to land to another man country, but its a whole nothing thing to want to change the country to fit your lifestyle.
    After all, it does seem “Enoch Powell was right.”
    The Brits had enough of the EU with there agenda.

  23. Anonymous says:

    Since the result $350 billion has been wiped out of the UK economy. This is greater than the amount they contributed to the EU over the last 15 years. Including rebates. What a flaming dumpster of a decision.

    • Anonymous says:

      It’ll return – money goes where there is a profit to be made and there’s a few bargains to be had today!

  24. Anonymous says:

    II wonder who are the xenophobics now? England has voted to leave the EU and the main reason ibeing reported isare tired of their immigration system

  25. Anonymous says:

    Why do you people want to pick on Donald Trump or for any voters who feel they want there country back? You pompous greedy wimps. That is what a democracy is, the majority rules. Don’t like it move on then. You will really be whining come November.

  26. Unison says:

    Folks, our MLAs need to study the global economy closely seeing the dwindling of UK power! The cautious decisions in terms of spending … yes spending! … Do you hear that MLAs??? Put a cap on spending immediately!

    A global recession storm is brewing and its not coming from Africa! Markets are crashing and the pound is at an all time low! David Cameron has set his resignation for October and Labor Party might takeover the reins.

    Notice to Premier: Government need to lead out on fiscal conservatism at this time. Big time! ASAP ://

    • Anonymous says:

      Yes, lets sign up to be part of the USA! Donald rules!

    • Anonymous says:

      Oh shut up, let’s give time for the dust to settle. The pound was always going to fall, partly because of the arrogance of the ‘experts’ in not picking up on the anger felt by the British people. They simply failed to read the mood music and got caught with their pants down, in part that is why the UK went against ‘expert’ opinions and voted out in the first place, they get it wrong and on more than one occasion in recent times.
      A recession has always been on the cards whether we are in or out of the EU, but let’s just calm down and ensure that level headedness is the order of the day.
      There is no doubt that Cayman will be affected, but how severely is up to you. It is true, get your finances in order, but most of all think about your place in the world and how you can use this opportunity to gain from the UK’s newly found independence and free trading ability away from the unfair regulations from Brussels. Treat your workers well, most of which are non Caymanian and who keep Cayman’s head above the water in an increasingly globalised economy. Abuse them, see them leave and Cayman’s future is doomed.
      And by the way, this doesn’t let Cayman off the hook in regard to human rights, the U.K. Doesn’t officially leave the EU until 2 years after the submission of article 50. Which means all of those cases which are heading towards Europe will remain subject to EU law, this is no get out clause for Cayman and it could cost you more than you now think.
      For the wider Caribbean this is great news as traditional markets can reopen and the fruit, vegetable and sugar trade can have access to UK consumers. Sugar cane particularly as it has been almost banned from the EU in favour of inferior super beet.
      Make no mistake, although the majority was only 4 points, the vast majority of England and Wales chose to give the liberal London chattering classes and the EU dependent Scots a real slap in the face. To the Scots we say stay with us, things can only get better as a team, to London we say nothing because they’ll never understand the point of the referendum in the first place and they will continue to think they are the born rulers who know best. Wrong!
      Of course if you don’t like the new reality in England and Wales, move to Scotland and try to remain in the EU, if they even accept you that is.

      We will get through the initial turmoil, if that’s what’s really going to happen, but we will emerge strong and be open to all trade from around the world.

      Well done UK, the lion has finally roared.

    • Anonymous says:

      The all-time low for the pound was $1.02 IIRC, approximately 30 years ago, so $1.37 isn’t really that bad. The UK economy has also faced bigger shocks than this and recovered nicely. Just because the traders are all looking to make money out of volatility doesn’t mean that any factories have closed and that today isn’t just another day at work for the majority (maybe not for a few politicians, but I call that a bonus!!). The markets will wobble for a few days and then start to recover. The process of leaving the EU will take around two years from the point at which the UK Government triggers Article 50 to start the process. Despite what one or two of the EU leaders want, that is unlikely to happen until Cameron’s successor has been selected.

      Labour won’t take over in October unless the Conservatives call for an election – the current Parliament runs until 2020 and there is no requirement for them to hold another election before then. It will simply mean a change of Prime Ministers. It’s also possible that Corbyn will go as well, as the Labour party was not pleased with his performance during the campaign (what did they expect, Corbyn allegedly has a long history of Euroscepticism).

      So basically, I don’t think the sky will fall tomorrow, but I do think that things might get “interesting” for the next few years.

    • Anonymous says:

      I think government needs to buy some pounds and sell them later, as for anything just let things settle down.

  27. Anonymous says:

    More pants pooping in Cayman.
    Meanwhile, in the secret subterranean lair of of the coffee cup King, hands are rubbed together in delight.

  28. Anonymous says:

    Aside from being a disaster for the UK, it is probably an even worse day for the BOT OFCs. As soon as the Article 50 notice is delivered then the UK will have no say of any kind in EU policy, as set out in the Lisbon Treaty. There will be no one lobbying for the BOT position in Brussels or Strasbourg. EU blacklisting is inevitable.

    • Anonymous says:

      90% of our business comes from London and New York.

      It’s not the end of the world.

      • Anonymous says:

        It is if that business leaves London for Frankfurt.

        • Anonymous says:

          Unlikely. A few thousand jobs will move, to comply with EU rules about employing EU nationals if you want to operate in the EU, but the majority of the business will still go through London, New York and Tokyo.

  29. Richard Wadd says:


  30. Anonymous says:

    If this triggers Scotland voting for independence, then Ireland, and possibly Wales, then the vote is a disaster for the UK. They want “independence” but what will they do with it? They voted not thinking of the consequences, probably the same thing US voters who will vote for Trump will do. The sun further sets on the British Empire!

    • Anonymous says:

      Scotland and Northern Ireland for sure.

      • Anonymous says:

        Not Wales. Most of the country voted solidly to leave the EU.

      • Anonymous says:

        They will matter less in the EU than if they stay in the UK. We’re talking Albania-size importance. Only their leaders’ personal ambitions point to a departure.

        • Not more taxes please says:

          Quite right. They are not going to pull their sovereignty from Westminster to give it to Brussels.

      • Anonymous says:

        Scotland maybe, a vote for staying in the EU doesn’t match the financial suicide that is independence from the rest of the U.K. and I don’t think the Scots are that belligerent or stupid. And in any case, they would have to apply to the EU for membership like every other candidate country wanting entry. There’s absolutely no guarantee that they would get it and joining could take decades. For a start, how would they pay for it?
        Northern Ireland will never be subject to an independence referendum, it’s not even worthy of discussion.

        And Wales, well they were the biggest surprise of the vote. They made an emphatic decision to rid themselves of the EU. The same EU which assisted in the destruction of Port Talbot steel. Brave decision Wales, well done Taff.

        • Anonymous says:

          As the grandson of my wonderful Granny Lloyd, she would’ve been so proud today. Yes, well done Taff indeed.

      • Anonymous says:

        Probably not Northern Ireland – the Good Friday agreement means that a referendum on any form of border change can only occur if the Unionists agree to it being held – which is about as likely as hell freezing over.

        Even Scotland is not a certainty – far from it. The last referendum also addressed the possibility of the UK leaving the EU and the Nats lost 55/45. Independence was predicated on oil being $115/barrel as well, not today’s $48 or less. They have a huge hole in their financial plan that is currently being funded by rUK and are running a deficit twice that of the rest of the UK. It’s by no means certain that iScotland would qualify for EU membership

  31. Polishpeoplestealgoodcroppickingjobsderppp says:

    I am ashamed to be British. I knew there were a lot of stupid people in the UK, but not that many.

    • Anonymous says:

      Northerners. They are more grim than you could ever imagine.

    • Anonymous says:

      Polishpeoplestealgoodcroppickingjobsderppp = TROLL!!!!!

    • Anonymous says:

      They just disagree with you. Get used to it.

    • Anonymous says:

      Yes me too. Wasted education on 17m people!

    • Anonymous says:

      10:59 If you really are British (and rather I doubt that is the case) you should be proud of what happened today. The EU was a dumb concept from day one and a UK departure will inevitably trigger a domino effect within other Europeans nations that will break the whole rotten mess up.

    • Anonymous says:

      Good, leave. We don’t now conform to your liberal vision of how the the UK should be, we have been dictated to for far too long by woolly headed London liberals who have attempted to impose their will on the British people. We have said enough is enough, live with it or move out.
      And if you’re already in Cayman, I hope your paying your full share of UK tax and not sitting out here until your obligations cease or hiding it from the HMRC. If you are shut the #### up and keep your pathetic views to yourself.
      Freedom from unelected bureaucrats can only be a good thing. Stop being a follower and be a leader you coward.

    • Anonymous says:

      Fortunately, the stupid ones were defeated.

  32. Turtle Stew Mon says:

    The Brits have voted to take back their country so, bye, bye European Union…E…U (see you) later!
    While we are at it, bye, bye Cameron. Soon we will also say bye, bye Obams; bye bye Merkel; and bye Hollande! This institution and these politicians have presided over the greatest decline in moral, social and family values…not to mention the greatest attack on the Christian faith.
    They say that they are the championing human rights but all they are going is promoting a liberal agenda, all for political gains.
    I know that Turtle Stew Mon will be crucified but I beseech thee O great Jafar not to banish me to the land of OZ.

  33. Anonymous says:

    What impact will this have on the single most important issue facing the Cayman Islands?

    Will LGBT work permit holders be able to access the contents of their spouse’s letter boxes?

    • Anonymous says:

      None. The ECHR is nothing to do with the EU.

      • Anonymous says:

        12:11 Explain that please!

        • Anonymous says:

          ECHR is a Council of Europe Convention. Council of Europe is much wider and separate from the EU. It extends to Turkey and Russia. The U.K. will stay in that regime but amend the Human Rights Act which drove paralysing over litigation on bad pseudo rights points. The U.K. Would need to be withdrawn n the ECHR framework as a condition of any replacement trade deal with the EU too.

      • Anonymous says:

        @12:11 ECHR is one of the reasons people in the UK voted to get out. Your comment makes no sense.

      • Anonymous says:

        What are you talking about? ECHR will no longer apply to Cayman once the UK fully separates from the EU. Get your facts right

        • Anonymous says:

          I see no reason why we could not request that the UK disentangle Cayman from the ECHR now. It will begin the process of divorcing the EU too.

        • Anonymous says:

          I believe that you are incorrect. The ECHR was created by the Council of Europe to enforce the European Convention on Human Rights in 1953. It’s a separate to and not controlled by the European Union (which didn’t exist until 1993). There are 47 members of the CoE, but only 28 members of the EU. The confusion probably arises out the similarity of names and the fact that all members of the EU are also members of the CoE.

          The UK is leaving the EU, not the Council of Europe. I believe that that means that the European Convention still applies here.

      • Anonymous says:

        BS. The two are entwined, but the UK will drop the EHR law and replace it with a UK constitutional charter of human rights, so Cayman isn’t off the hook, especially for the next two years whilst article 50 runs. After that, you can bet that Cayman will still be answerable for its bigoted behaviour in UK law.

    • Banana Boy says:

      I am crying laughing!

  34. Yebo says:

    Congrats Britain for freeing yourself from being ruled by hidden private parties. Time to take back control of your country. Delighted to know you have voted for Independence. The EU has under-performed for your membership since inception.

  35. Anonymous says:

    Good! They will be fine.

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