Cost-of-living challenges top priority in 2024 for local leaders

The rising cost of living challenges faced by the Cayman Islands community will be a top agenda item for both Premier Juliana O’Connor-Connolly and Opposition Leader Roy McTaggart in 2024.

The local leaders, in separate New Year’s Day messages, addressed the issue of cost of living, which led to significant struggles for many over the last 12 months.

O’Connor-Connolly acknowledged that she will work on addressing these struggles.

“Given the challenges posed by the global economy and the rise in the cost of living, we will continue to implement programmes to assist our most vulnerable Caymanians, ensuring that no one is left behind,” O’Connor-Connolly said in her New Year message.

She said that, in tandem with initiatives to address cost of living, the United People’s Movement government will continue to implement other projects associated with the 2024-2026 Strategic Policy Statement.

This, she said, is “a road map that outlines our vision for a more prosperous, equitable, and sustainable Cayman Islands”.

The SPS lists five broad outcomes for the administration, which are quality of life, enhancing competitiveness, future-proofing, modernising government, and protecting and promoting Caymanian culture, heritage and identity.

Prioritise spending

McTaggart, in his message, acknowledged the “immense challenges” some families faced this past year due to the cost-of-living crisis.

However, he said, “it’s important to remember the resilience and strength that defines us. Despite facing financial challenges, many found ways to extend their budgets to create beautiful Christmas moments, ensuring loved ones enjoyed a delicious meal, received gifts and experienced the true joy of the season”.

Though the bills from the holiday season will start to arrive, McTaggart pointed out that “families actively find ways to adapt their budgets, which is a wise approach to managing our financial obligations”.

Taking aim at the UPM, McTaggart said, “Just as families judiciously manage their expenses and live within their means, our country and government need to adopt a similar level of fiscal responsibility”.

However, for her part, O’Connor-Connolly said the UPM “cannot and will not slow our pace, as much yet remains to be done”.

“We remain steadfast and unified in our commitment to addressing the issues that matter most to our people. Affordable housing, high-quality healthcare, a world-class education system, and ample job opportunities will be our focus. Ensuring that we are all on a sustainable path to hope and prosperity,” she said in her message.

O’Connor-Connolly said her administration will prioritise strengthening the education system at all levels, from early childhood to tertiary education.

“Investing in our nation’s future workforce and shaping the minds of tomorrow’s leaders. We will also focus on community safety and security to make sure that our three islands remain one of the safest and most stable places in the region,” she said.

She added that government will support the operation of the first residential, long-term mental health facility, “ensuring our community has access to a comprehensive medical healthcare facility and system”.

McTaggart cautioned against overspending, calling for a more conservative approach as the country embarks on its new chapter in 2024.

“The current government’s strategies are very different,” he said. “They are spending more money than the country earns and paying for their projects with a staggering 120 million dollars in new taxes and a half billion dollars in new debt. A better approach is needed, especially with revenues of over a billion dollars annually going into government coffers.”

McTaggart urged that government prioritise measures that directly alleviate people’s financial burdens – like temporarily removing the duty on fuel, including cooking gas, temporarily freezing Water Authority rates, increasing stipends for the vulnerable and providing an appropriate COLA for civil servants.