Government must make cuts

In light of your recent revision of
the immigration policy directions for Cayman’s financial services sector, I
would like to take this opportunity to officially make public the full support
of Cayman Finance

These bold initiatives to remedy
issues with the financial services industry in Cayman place it once again on a
path to expansion. This is exactly the short term medicine we need to restore
health and vitality.

However, I’m sure you will agree
that this will be even more effective as part of a two-pronged attack. Civil
service costs and contingent pensions liability must be cut to balance government
revenues. In our view this will require immediate legislative amendment to
revise public sector pension and medical entitlements to real world levels. We
now know that the historic financial modelling is simply wrong and is creating
an unsustainable liability. It is the view of Cayman Finance that balancing the
budget through a process that boosts income from the financial services
industry and effects public sector cuts is the only way forward for Cayman.

The member firms and organisations
of Cayman Finance all applaud your decisive action and we look forward once
again to increasing interest from leading global financial organisations who
will find the Cayman Islands increasingly attractive as a place to live and
work.

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