PPM presses premier for more action on COL
(CNS): Following news of another interest rate hike, the opposition is pressing Premier Wayne Panton to do more to help people navigate the rising cost of living. But PPM Leader Roy McTaggart has called for an increase of more than 50% in the monthly stipend for the elderly, as well as a freeze on water rates, the removal of fuel duty and a reduction in stamp duty for Caymanians.
He said the Cayman Islands Government must also push local banks to do more to help people manage the interest rate increases.
In the latest press release from the opposition, McTaggart urged the government to adopt a list of recommendations that he said would help with the cost-of-living crisis. He also wants the premier to be more transparent about his talks with the Cayman Islands Bankers Association over their insistence on how they are adopting the US interest rate increases.
McTaggart wrote to Premier Wayne Paton on 12 July with his suggestions for addressing the challenges most normal families are facing, but he said he has had no response. Panton announced this week that the banks had confirmed they would stick to the agreement to defer interest rates and that he was still in talks with them about not increasing local rates every time there is a federal reserve hike. However, the PPM leader said he was not doing enough.
“It is imperative that more is done, including banks proactively considering suitable programmes to avoid any further increases in loan payments caused by interest rate rises,” McTaggart said, adding Panton had to do more than hope and expect. “I would have expected something firmer than that,” he said. “Premier Panton needs to call the banks to the table to discuss the specific recommendations I have given him, along with any others he has in mind.”
Unlike the premier, who is in talks with the banks to stop increasing rates here every time the Fed increases rates in the US, McTaggart said the banks should extend the loan agreement period to help people spread the increased costs.
The PPM leader also repeated his call for the government to increase the ex gratia monthly payment of $950 that goes to veterans and those in need, most of whom are elderly people. He said that over time, the value was being eroded. “The premier and his government are failing to take the action necessary to relieve hard-pressed Caymanian families facing the cost-of-living crisis,” he said.
The Progressives gradually increased the payments to those in need from $500 to $950 during the eight years they led two administrations. But McTaggart is now calling on the government to increase those payments by 58% in this budget, effectively in one jump, which would be an increase of more than $15 million per year. The budget for ex gratia payments for 2023 was forecast to be more than $26 million.
See the PPM Leader’s letter to the government below.
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Category: Banking & money, Business, Policy, Politics
Lol Standard PPM tactic, cause a problem from decades of mismanagement and corruption, then spend the next administration screaming at the new government to fix their mistakes.
I will never vote for any PPM candidate ever again. Their continued actions have made it clear they only care about being in power.
I agree! Money grubbers!!!!!!!
I am a $950 monthly pensioner. I trust and pray this new increase for seafarers etc will be applicable for the $950 pensioners who are struggling and having financial difficulties. What is good for the goose is good for the gander. Please, please revisit the the $950 pensioners and give us all an uplliftment which would be very much appreciated. We all worked hard and contributed to the Cayman Society. Help us we pray.
scary stuff as ppm/pact are now in a race to see who give more handouts.
i suppose it beats actually coming up with policies that tackle the cause of the problem……zzzzzzzzzzzzz
do-nothing-ppm or no-plan-pact?????….neither thanks.
direct rule for 2 years while a new raft of political candidates are selected/vetted based on qualifications, experience and integrity. then we have new elections.
It’s worth a try.
as much as I’m not a fan of PACT and it’s leader, the reality is there is not much the government can do. These are external forces at play they have no control over. Any relief they could provide will still not be enough. the best course of action unfortunately is to tighten your belts. it’s going to be a bumpy ride this decade.
What they could do if they really wanted is adjust duty to inflation. Cost of goods coming into the islands is so so so much higher they could reduce the duty rate so that their income remains neutral.
Now you’ll notice that their surplus however as a percentage of revenue is smaller than it has been historically. Which is why they can’t do what I’ve outlined above. The government is spending like mad and where are the results?
He’s the reality: government spending is like a ratchet. It goes one way: up. Which means CIG is beholden to its own spending habits and therefore needs to keep its revenue streams commensurately high. So duty will remain high regardless of the underlying price of goods. Fees will remain high. WP numbers and fees will stay high.
CIG is not held accountable for its spending and we are not getting value for money that goes into that machine. Look at their spending now compared to about ten years ago. It’s roughly double. Are we getting double the roads? Double the police? Double the education? Double the NAU services? What services are we getting that are being provided at the proportionate rate to the increase in expenditure?
Economies of scale are supposed to make things cheaper. Except here where it just gets worse and worse.
our system encourages corruption though. if I do something and get caught I get paid administrative leave. thanks for the free holiday cig
well one big result will be the Rosa & Kenny rich people terminal building.
What they need to cancel is all the concessions the gave out 5 years ago. Times are hard and these developers are building and destroying our environment at the same time. They make their profits and the caymanian people are left with paying for the infrastructure costs, sewage, lack of beach, lack of natural resources and lack of employment.
You are full of it! What is needed is to throw all the money grubbers out!
The hard part is getting them into prison!
The banks 30 notice means nothing.
This will need to be found in the next paycheck!!
How??!!
Premier of the Cayman Islands Hon. Wayne Panton has sent congratulations to Prime Minister Andrew Holness and the people of Jamaica on their 61st Independence Day.
Today, August 6th, Jamaica celebrates 61 years of Independence. On this day in 1962, the Jamaican Independence Act was put into effect, effectively ending 300 years of British colonial rule.
“Today, we join in celebrating the remarkable journey of Jamaica as they commemorate their independence. On this momentous occasion, we reflect upon the intertwined history and close connections that exist between our two countries, one that continues to resonate strongly today through shared relationships,” Premier Panton said.
He added, “Over the years, Jamaica has served as a strong support system for the people of the Cayman Islands, from our seafaring and ship-building days, to many of our successful businessmen and women being educated in Jamaica. In addition, we have also been able to call on Jamaica for many of its resources from food to medical services, whenever needed.”
He further stated that one of the strongest ties that bind Cayman and Jamaica is that many Caymanians can trace their roots back to this beautiful island nation.
“With our national flag carrier, Cayman Airways, flying to and from Jamaica frequently, we have been able to share our home with our extended Jamaican family. Additionally, the unique melodies of Jamaican music have been embraced by our people, with many local musicians infusing Jamaican rhythms into their own music – showing a deep appreciation for the talent that Jamaica has shared with the world. Similarly, Jamaican influences can also be found in our dance, arts and craft, and many of our foods,” he said.
Panton reaffirmed Cayman’s commitment to continued collaboration, cooperation, and friendship with Jamaica, pointing out that as an independent nation, Jamaica has been resilient and has been making remarkable contributions to the region and world.
“On behalf of the people of the Cayman Islands, I extend heartfelt congratulations to Jamaica and its people on their Independence. May Jamaica be filled with joy, unity and a continued brighter future,” Premier Panton said.
Independence Day is celebrated on August 6th every year. One of the main events on Independence Day is the Independence Grand Gala, held in Kingston.
Every year, the celebrations start on August 1st with Emancipation Day and continue all week leading up to Independence Day on August 6th. Jamaicans at home and abroad are participating in activities to mark the country’s 61st year of Independence under the theme: ‘Jamaica 61… Proud and Strong’.
In recognition of Jamaica’s Independence, Google has dedicated a Doodle to Jamaica today.
Happy Independence Day, Jamaica!
Does this mean that we are on the same road of becoming independent? I just have one question: are you all that stupid? Three times stupid and stuck on dumb? We have lost it Cayman, believe it or not!! We are no longer leaders, but stupid followers. Who the hell want to follow the stupid decisions made by Jamaica in the past? One of the worst crime ridden islands in the Caribbean!! Look at the crime rate of Cayman in the past 15 years, is this what we want? This is a stupid comment on the Premier of the Cayman Islands. Please Cayman, wake up and stop this stupidity, or we are all going to suffer. As a Caymanian, this is why I am leaving my beautiful islands and heading elsewhere. I am so sorry, but we have lost it!!
By the way, wasn’t it the Pantons, that fought that we don’t go independent and become a part of Jamaica? The real BALLS Pantons!! I wonder sometimes, if it is just for votes?
Listen, if you’ve never held any significant role in any event or had to give a significant speech of any kind just shut it. Showing respect for a country we have deep ties with does not mean we want to follow in their foot steps. If you’re leaving, just leave. No need to make it public.
I have held a lot of significant roles and gave a lot of significant speeches, that is why I can make this statement!! It does not mean that we HAVE to follow in their footsteps, but we are!! Please try and see outside of your tiny bubble and have a real vision of the future. Thanks for your comment though, and when the crime get too unbearable here, you will be joining me on that move too!!👍
why are you lying?
How did you arrive at that conclusion?
Crime is the primary reason many tourists are concerned about visiting Jamaica, and with good reason. The country has one of the highest crime levels, not just in the Caribbean but in all of the Americas.
According to a Statista graph, Jamaica has the highest homicide rate in the Americas, with 52.9 incidents per 100,000 inhabitants.
That is a worse crime rate than in other countries that are perceived as crime-ridden, such as Venezuela, Honduras, or Mexico. Besides homicide, rates of other violent crimes, such as assault, kidnapping, and armed robbery, are also very high.
Bad Boys, Bad Boys, whatcha gonna do when they come for you!!!!!
If things are so wonderful in Jamaica then why is Cayman so full of them?
Too funny. CIG, which is basically bankrupt if you add in the debt they owe, now wants to tell the banks how to run their financials so the Caymanian people(the ones who incurred the dept) can continue to survive off of dept incurred instead of being responsible like most of the rest of the world. This will not end well for all those responsible for being irresponsible with Caymanian money. When those who loaned the money realize that they will never be repaid Cayman islands government(and their welfare state) is finished. Who does not see that coming ?
And we could always enforce the Maintenance Act (but choose not to)… We have met the enemy and he is us.
PACT will do nothing beneficial, nor PPM. We are and always will be the means to the politicians and their owners ends. Same everywhere since forever and voting harder won’t ever change that.
I call bull%&*t on Roy and his compatriots. While an increase in stipends would help (even better would be indexing them to inflation) those in need, the other suggestions just put the funding of the government at risk (fuel duty, stamp duty). Inflation is a global phenemenon and our little country can’t change that. Banks are global – where to you think the money for mortgages comes from? Banks are responsible to their shareholders (as is CUC), not the gummint. If people take out variable rate mortgages that they cannot repay, they are either irresponsible or poorly educated (or both). Get a fixed rate mortgage, with the shortest paydown period you can afford.
Yes,
except banks are not offering fixed rate mortgages. (Even Credit Union is doing fixed periods now I believe.) Though that doesn’t invalidate the concept of what you said. It would be interesting if everyone for six months said “no thanks I only want a fixed rate mortgage and will not accept a variable rate one”. What an interesting experiment in customer demand driving market supply that would be. (The banks may not blink, but society might have to find a solution.)
Doe anyone know exactly how many Caymanian “veterans” there are? Veterans of what exactly? There were very few Caymanians who served in WW2 and as the war ended 78 years ago they would well into their 90s by now. I am not saying there are none, but how many is it?
11:37, it’s the young Filipinas and Honduran women these old guys hooked up with in the last 15 to 20 years that need the money to support the kids they brought in and got our old men to adopt. As for the seamen’s association, no one wants to ask them how come their numbers seem to increase even though our men mostly stopped going to sea in the 1970s. Ask Denniston how come there still seem to be so many. Hint: the same young women comment applies to them too.
LMAO
Lots of men claiming to be Seamen are NOT IN FACT Seamen. That’s a big problem. but Government do NOT bother to check it out. The rules says to be classified as a seaman has to be part of a ships crew going from one international for port to another for a minimum of 3 years and that had to be before 12/12/1984.So many are getting the benefits that don’t qualify. It’s a disgrace to long time Seamen whom who worked on shop around the world in bad/cold/hot weather to send money home to their families and in turn support the Government with stamp duties etc. and that also work for those that stayed home, clearing land building house etc. we Seamen missed out lot birthdays/Christmases etc. etc. Some men never even went aboard a ship and some only went for a few weeks. It’s a same men claiming to be Seamen when THEY ARE NOT.Its a disgrace they getting the same benfits as long time seamen.
Not to worry Wayne agreed with them to delay any rate increases for a few weeks lmao what a guy. Wayne Pantin does not care about poor people!!!