(CNS): Cayman Islands Premier Alden McLaughlin will be attending discussions on Brexit with the leaders of other British Overseas Territories (BOTs) and UK officials Tuesday. Baroness Anelay, the minister responsible for the BOTs, will chair the talks about what the UK’s exit from the European Union will mean for them, as many of the leaders have significant concerns about the future. However, before the main event, McLaughlin attended a meeting with the UK Overseas Territories Association on Monday.
Alongside Baroness Anelay, officials said, various other UK ministers with responsibility for aspects of the UK’s Brexit negotiations with the European Union will attend Tuesday’s special Overseas Territories Joint Ministerial Council meeting to discuss with the BOT leaders the implications of Brexit.
However, given the uncertainty surrounding the negotiations, which are due to begin next month after Prime Minister Theresa May triggers Article 50 of the Treaty of Lisbon, it is unclear what the UK ministers and civil servants will be able to tell the territories or what reassurances they will be in a position to give.
Squeezed between the tax promises of US President Donald Trump, which could slash corporation tax and remove repatriation taxes in the US, and the UK’s exit from Europe and the single market, Cayman’s offshore sector could be looking at uncertain times ahead.
Financial Services Minister Wayne Panton, a former offshore lawyer, is among the delegation accompanying the premier in London.