With the National Coalition For Caymanians government prepared to present its first budget this week, Leader of the Opposition Joey Hew has noted that its pre-budget statements, including the Strategic Policy Statement said little about what was planned to address a particular issue in the Cayman Islands.
“Our concerns are that we have not heard any details on how we’re going to lower the cost of living for the people.”
Hew said that his People’s Progressive Movement was worried that government was too focused on revenue at the expense of lowering the cost of living and cutting public spending.
He added that plans for increased stamp duty on high value properties could also cause problems.
“This is a revenue measure, not one that will reduce the cost of living. It’s a revenue measure that will increase the cost to Caymanians.”
Finance Minister Rolston Anglin announced in last month’s Strategic Policy Statement that government planned to raise an extra $209.5 million through increased revenues over the next three years.
He signalled that increased stamp duty on high-value land transfers, as well as increases in financial services fees, such as legal and accountancy fees, would also be introduced.
Hew highlighted that the PPM had, in the past, reduced fuel taxes on utility companies by “more than half” and waived taxes during the high demand summer months to help cut costs to consumers.
“While government is profiting from the duty on fuel, it’s the people who are paying for that,” Hew said, adding that he understood the coalition administration was reluctant to cut fuel taxes because it might reduce the desire to move towards renewable energy.
But he added, “You could do it during the summer, the hot months, when the kids are all at home, or you could do it as a one-year agreement to be renewed based on the progress towards renewables.”
Hew made it clear as to what he expected to see in the budget.
“What we are looking for in particular is the relief for our people,” he said. “Where will the efforts be in cutting the cost of living, including the rising cost of health insurance, the struggles that our young parents are going through with education, with the cost of utilities?
“So we’re really looking for details there – housing is another big issue for us and we haven’t heard yet how the government plans to approach this.”
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Joey Hew has awesome viewpoints, but never lays out a strategic plan and a budget in how his political party would bring down the high cost of living in the Cayman Islands.
Bottom line, government’s over staffing numbers and lavish spending has been for decades the main reasons!
In the world, the Cayman Islands is known to be the 2nd most expensive place to live, in the world!
As much as we may not like this, reducing the cost of living is a myth. Everywhere on planet earth the cost of living is high. Tanking our economy by driving businesses away or the revenue generating industries to look elsewhere is not the solution. CIG needs to decide whether to start cutting their overhead (which is likely impossible given most departments are understaffed). Why not hire all the underemployed and unemployed Caymanians into government, pay them the $70k and free health cover and be done with this conversation.
I think opinion hits the nail on the head here. Why is the government not hiring every caymanian who wants a job for 70k. A bit of socialism.
Something Joey might now understand is that expats say the Cayman Islands are expensive too.