Cayman Islands Governor Duncan Taylor said Thursday that the United Kingdom was awaiting further budget details from Premier McKeeva Bush’s office.
“I have seen reports of a statement issued by the Honourable Premier on the budget yesterday. I think it would be helpful to clarify that negotiations on the budget with the Foreign and Commonwealth Office are ongoing: we do not yet have an agreed budget,” Mr. Taylor said.
The governor’s said the foreign office’s economic advisor sent to the Cayman Islands by the Minister for the Overseas Territories, Henry Bellingham, had returned to London but remains “fully engaged” in the budget process.
Governor Taylor said that representative would need to see a draft budget that fits the UK’s proposed framework before he could recommend to Minister Bellingham that he approve it.
“He has made clear that he would expect the Cayman Islands Government to achieve this through a combination of expenditure savings and measures to raise revenue: the precise nature of these is largely a matter for the Cayman Islands Government but they must be credible and sustainable,” Mr. Taylor said. “At this time, the Economic Advisor is still awaiting detailed proposals on the budget from the Cayman Islands Government.”