Premier: UK must ‘moderate’ Brexit impact on territories

The U.K. government must do its best to back financial services industries in its overseas territories, both before and after Brexit talks with the European Union, Premier Alden McLaughlin said Tuesday.

The premier attended discussions in London Tuesday with British leaders who are overseeing Britain’s exit from the EU, including MP Robin Walker and Overseas Territories Minister, Baroness Joyce Anelay.

Premier McLaughlin noted that EU countries had sought to place Cayman on various “black or grey lists,” even after it had attempted to cooperate on tax enforcement and anti-money laundering efforts. Because of this, Mr. McLaughlin said it was important for the U.K. to be a “moderating voice” both before and after the EU exit occurs.

Britain is expected to formally announce its intention to separate from the union sometime in March, after which it will have two years to effect the EU “exit.”

The Joint Ministerial Council, made up of British representatives and leaders from its remaining overseas territories, will meet again in June to discuss Brexit progress.

“This initial [council] on European negotiations was promising,” Mr. McLaughlin said.

During Tuesday’s meeting, Premier McLaughlin was joined by representatives from nine other British Overseas Territories, to discuss a range of issues related to Brexit.

The main subjects included international trade agreements, including territories’ access to the EU single market, and free movement of overseas territories citizens within the EU countries.

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2 COMMENTS

  1. Why? This jurisdiction is, according to the Hon Premier, squeaky clean and abiding by all the rules so why should the UK hold our hand as they go through this process? Fact is our banking sector will benefit from not having EU interference. Look what happened when HMRC implemented the old (it’s now been repealed) EU Savings Directive to force UK banks to release details of money they’d invested here? Thousands of people who thought their retirement funds and other ‘rainy day’ money was safe from tax in the Cayman Islands got a big wake up call and do you think that did us any favours?

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