Published On: Wed, Jul 13th, 2016

Cayman Islands premier hopes for stability with new British PM

alden_mclaughlin16GEORGE TOWN - Cayman Islands Premier Alden McLaughlin has said the quick leadership change in the UK will bring a “semblance of certainty and stability” for the British overseas territories (BOTs) as well as Britain and help “move along the process” of Britain leaving the European Union.

In the wake of Monday’s announcement that Theresa May will be the new leader of the Conservative Party and by default the British prime minister, Cayman’s leader was hopeful that the news would help address the ongoing uncertainty.

But most pundits believe there is a very rocky road ahead for Britain and Europe, both politically and economically, which will have global implications.

Although May has broad support within the Tory party in parliament and across the membership, there is very likely to be mounting pressure in the coming weeks for her to call an election in the UK to secure her position nationally. However, the leadership issues in the Labour Party in the wake of Brexit, which are likely to lead to a bitter fight, may distract the opposition from mounting a serious campaign to pressure government into an early election.

Even if there is no general election, the coming months will be far from certain or stable in Britain, as May begins talks with the leaders of the European Union nation states to extricate Britain from its 43-year trade, economic, social and political relationship with Europe, which will have an impact in the Cayman Islands and other territories.

McLaughlin said he was looking forward to the Joint Ministerial Conference in London in October and “discussing matters of common interest between the UK and the Cayman Islands and the way forward as we embark on this historical change in world politics”.

He also appeared confident that May would follow in the steps of her predecessor, David Cameron, whom McLaughlin described as being a “true friend to the overseas territories and crown dependencies”, after he publicly stated that the BOTs should not be considered tax havens.

“We also appreciate his defence of the Cayman Islands and other overseas territories at the recent anti-corruption summit in London,” the premier said. “We appreciate the work Mr Cameron did to support us and look forward to working with Ms May and the new government,” he added as he offered his congratulations to the new UK leader.

Source: Cayman News Service

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