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Baroness to chair Brexit talks Tuesday

| 06/02/2017 | 6 Comments
Cayman News Service

Premier Alden McLaughlin attends UK Overseas Territories Association meeting, 6 February 2017

(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.

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Category: Politics

Comments (6)

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  1. Anonymous says:

    The “Financial Industry” has been Cayman’s demise. Very few Caymanian families have benefitted from the sale of their birthright.
    Most cannot even afford “affordable” housing.
    Don’t believe me? Then come and spend a day with us at the Needs Assessment Unit.
    Thumbs down from the Financial Industry are coming. Perhaps they can get the government to give them a contract to evaluate the Needs Assessment Unit? What, they did that already?
    The whole thing is upside bloody down.

    When you pay someone more for shuffling papers, sending emails and generally being a nuisance on their cell phones than you pay a true artisan who has the ability to coax a crop of delicious tomatoes from a few seeds, then I would say that you are a bit of a bastard.




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  2. Anonymous says:

    The above article is a prime example as to why Cayman must diversify its’ industry. We cannot depend so significantly on the financial services industry. It could go away in a flash.




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  3. Anonymous says:

    So happy we have these capable persons representing our interests at these high level talks. This is really important to the continuing success of our entire economy. I hope we keep them on so they can assist our country through the bumpy years years ahead.




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  4. Minimouse just saying.. says:

    Of course the Cayman Islands might be affected. If not by the UK exit of EU, you can bet that tweeting trump will see to it. Be very careful Cayman.




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    • Anonymous says:

      There is literally nothing you can do. Just enjoy the ride.




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    • Anonymous says:

      Minimouse I dont think we have to worry, when you consider that the financial industry here was probably set up by same group of people who run the global market




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