FCO will force FFR into law
Posted on Wed, 10/24/2012 - 18:39 in Politics
(CNS): The Foreign and Commonwealth Office is prepared to force the Framework for Fiscal Responsibility into local legislation if the Cayman Islands Government fails to live up to the commitment it made following the budget approval from London in August. Sources have told CNS that the UK is not going to allow the premier to alter the framework via additional clauses or by removing any of its content and is expecting the document to be passed into law during the forthcoming sitting of the Legislative Assembly. If not, it will push the FFR through via an Order in Council. However, CNS has learned that the legislation being drawn up will include changes to the original agreement.
The FFR which the premier signed in November 2011 commits the CIG to certain parameters, rules and systems regarding public finances. It also draws the statuary authorities back into the debt ratios ruling government borrowing, thus ensuring that the entire public sector spending is tightly controlled within a rigid framework. It means that authorities, such as the port and the airport, and government companies, such as Cayman Airways or the Turtle Farm, cannot borrow outside of the Public Management and Finance Law limits and will need to gain UK approval for any projects they engage in.
The premier has said publicly that he dislikes various elements of the framework and wants to change parts of it as well as introduce additional clauses. The UK, however, has been unequivocal about that and is insisting that the bill it expects to come to the Legislative Assembly in November is exactly the same as the document signed by the premier almost one year ago.
Despite this rigid position being taken by the FCO, the legislation is currently under review as McKeeva bush intends to make some alterations. The final bill has not yet been completed and there is no certainty that the document will be drafted during the forthcoming sitting, which opens on 5 November. Government has not said how long this meeting will last and no FFR bill has been circulated ahead of the meeting for public comment.
The constitution requires government to publish any new law it intends to present to legislators 21 days before the House sits. The premier has, however, ignored this provision in the past and so may still choose to bring his version of the legislation to the LA next month. Nevertheless, given the insistence by the FCO on the need for the FFR to be enshrined in local law exactly as Bush signed it, any law brought by the premier could be overridden.
An Order in Council is a statutory provision which forms part of the UK’s reserve powers as the colonial master of the Cayman Islands, enabling it to legislate for any of its overseas territories when it deems it necessary. The move is a last resort and is generally reserved for when the UK feels its interests are at risk.
In the case of the Cayman Islands, the mounting public debt and continued government operational deficits have led the UK to take steps to protect itself from the potential liability for that debt. Having relinquished some control in the 2009 constitution over financial matters, it has begun to claw back that control via the framework agreement and the recent conditions attached to the approval of the 2012/13 budget.
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Re: “Having relinquished some
Re: “Having relinquished some control in the 2009 constitution over financial matters, it has begun to claw back that control via the framework agreement and the recent conditions attached to the approval of the 2012/13 budget.”
One more piece of evidence why the British still cannot be trusted!
Naughty children lose their
Naughty children lose their privileges.
FYI: http://www.guardian.co.u
FYI: http://www.guardian.co.uk/commentisfree/2012/oct/30/david-cameron-pro-eu-charade?newsfeed=true
Naughty parents don't!
Naughty parents don't!
There must be times that it
There must be times that it sucks not to be a real country.
07;24 And it must sucks when
07;24
And it must sucks when the UK has to take orders from The European Union ! they control the very food that you all eat.
The UK never lost any
The UK never lost any control, just gave you some crumbs to see if you could actually handle your own affairs. How's that working out for you, looks like you failed big time?
And how has the UK's handling
And how has the UK's handling of their own affairs worked out for them?
Successfully, or "failed big time"?
Care to compare debt ratios? As you do so be sure to factor in the "contributions" the UK has provided to itself by way of its central bank and such. Lastly, don't forget to calculate the yet to be felt long-term impacts of said "contributions" in your final summation.
@ the posters below, We can
@ the posters below,
We can debate this until we're all blue in the face (actually, that wouldn't apply to me) and we can throw around fancy figures provided by the usual spin doctors ... at the end of the day, the proof is in the pudding.
E.g. Apparently, no one cared to tell this "superdad" (formerly) of Britain the good economic news that some of you relentlessly peddle.
Nevertheless, I am sure some of you inventive folks will find yet another statistic or percentage to offset real life experiences, nationwide riots, arson, murder and looting, and lastly the shared persepctives by the vast majority of British posters.
Signing off.
Sincerely,
Whodatis
@ the respondents: Wow ...
@ the respondents:
Wow ... what a response.
Truth hurts huh?
By the way, how is the source of the report relevant in this instance?
This is the actual, real-life perspective of a modern day British family in the words of a father of 12 British children. Furthermore, read through the comments below the article. There goes the damning evidence. And no, they were not posted by a horde of whatever some of you deem to be typical Sun readers - unna stinkin' snobs, unna!
:-)
Online commentary is one of the broadest and most democratic forms of expression today ... wouldn't we all agree?
* Obviously, one wouldn't find such reality in The Financial Times - as they tend to focus on "IMF statistics" - which by the way clearly means "eff all" on the (British) ground.
At the end of the day, if we are discussing the state of the UK's economy and social standing at the moment there is little to be optimistic about.
That is not my opinion, but the opinion of arguably the majority of Britons living in Britain today.
Because a Sun reader such as
Because a Sun reader such as yourself knows the opinion of the over 32 million plus Brits required to make up a majority! Just a tad presumptuous, don't you think?
Just to clarify one point - you are not interested in discussing the state of the UK economy. You are interested only in selecting reports from the Sun that support your prejudiced beliefs.
Truth does indeed hurt.
Wherethatbrainis
This is at least the second
This is at least the second time you've quoted this father of 12 ( yes 12! ) as a champion of normality and expert on all that is wrong with the UK. And reported, of course, in that intellectual giant of a publication, the Sun newspaper. Classic.
Sincerely,
Wherethatbrainis.
Do you like responding to
Do you like responding to your own posts?
Not as much as you like
Not as much as you like responding to mine.
:-)
So you're a Sun reader. That
So you're a Sun reader. That explains everything.
Now you are getting
Now you are getting desperate.
Muppet, the statistics are
Muppet, the statistics are the IMF's not our's. Doesn't fit with your version now does it? But then it wouldn't these are impartial results, not the bitter musings of an idiot.
The UK is currently 18th in
The UK is currently 18th in the soveriegn debt league. That's real countries with real GDP.
Compare the UK IMF debt to GDP % ratios against other 1st world ecomomies for the year 2011:
UK 82.5, US 102.94, Singapore 100.79, Ireland 104.95, France 86.26, Canada 84.95, Japan 229.77 and Germany 81.51.
Then consider that it only costs 3% of GDP to furnish that debt, that's roughly the same as the Ministry of Defence budget. Of course, you must also factor in that the UK has some of the lowest borrowing costs in the world as it has never defaulted on its loans. Unlike Cayman, who can't get loans because she is in so deeply in debt and with no way of paying them back, even if she could get someone to cough up.
So you see, all real countries have real debt issues, its not a 'UK thing' by anymeans, it's a world thing and a product of the 2008 world financial crisis.
Care to compare obligations
Care to compare obligations with national and international security, diplomatic service, NHS, welfare, social service, mental health, international immigration, international aid, NATO, the UN, the EU, the 'G' conferences, The Commonwealth and the credit liabilities of one our profligate Overseas Territories etc, etc...........
All you have to do is run the equivalent of a small provincial town and you can't even do that properly. When a town council overspends in the UK, the same happens, the government steps in to regain control. It's no different for Cayman.
You see the UK has a real economy, (not one based on one or two volatile markets) and has real obligations that you can't even imagine having to pay for, let alone being able to afford. The UK also has a population larger than the capacity of the Olympic stadium, unlike this little rock, which would have room to spare for at least another 20,000, (you would have noticed that if you had bothered turning up for all of your events).
To even try to compare the two demonstrates your stupidity and obvious lack of knowledge on the subject. Try harder, but this time think of solutions, oh but that's why you're so bitter and twisted, you can't, you don't have a solution, just a boring diatribe.
The Britsh cannot be trusted
The Britsh cannot be trusted to blindly trust Caymanian politicians and that's a good thing for all of us.
don't include me and my
don't include me and my family with your "us"
UK Debt
UK Debt Bombshell
http://www.debtbombshell.com/
http://www.thisismoney.co.uk/money/news/article-1616085/Economy-watch-How-long-Britains-recession-last.html
This sounds like a case of the "pot calling the kettle black". Cayman should not be taking instruction from a country that has clearly demonstrated that they are unable to manage their own finances.
You will only need to look at the feedback to this comment to understand the problem that exists in Cayman.
You forget that the UK bailed
You forget that the UK bailed out and rescued several banks (following the US meltdown) that were under threat and is well on its way to recovering all that money. You also forget that the previous UK government were spending more than they earned in the time honoured way of socialists, who are constantly proved wrong in any country and still fail to get it, You cannot spend more than you earn. The current UK government is putting that right. What has Mac done and what will he do? Nothing..just line his own pocket...while the rest of us sink slowly into the oblivion of yet another third world country...
Good try, just from a very narrow perspective!!
Please do not blame the US
Please do not blame the US for your failure to properly regulate the financial services sector in the UK. Inadequate oversight and greed are at the heart of your problems; and the best that you have to offer is to distance yourself from the "previous UK government".
While Mr. Bush might sink us slowly, the actions of the UK will destroy Cayman like the swift action of a guillotine.
Er, hello, the banking crisis
Er, hello, the banking crisis actually started in the US with the the bursting of the US housing bubble, peaking in 2006 causing the values of securities tied to US real estate pricing to plummet and damaging financial institutions globally. The 2008 financial crisis was triggered by a complex interplay of government policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled sub-prime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.
The repercussions certainly spread around the world, including the City of London, who are undoubtedly responsible for a whole raft of sharp practices themselves. However, the UK taxpayer bailed our banks out of the crisis and you can be sure that they will never be able to cause such financial chaos again in the future. For a small country such as Cayman, whose entire national wealth has been made, (and lost) on the back of decades of criminal money laundering, shady 'offshore' banking and corrupt property deals, you really are the worlds biggest hypocrites when it comes to financial integrity.
Whilst we're at it, London wasn't responsible for the Euro crisis and the downfall of european economy's and banks. They managed that all on their own.
So your ridiculous claims amount to the typical UK bashing garbage that we are so familiar with on these islands. You just can't see that your problems are self inflicted and the result of excessive spending and catastrophic financial and political incompetence.
You've had your chance to prove that you are ready for more autonomous powers and you've failed beyond all expectation. So stop whining and blaming everyone else, sort out this mess before it's sorted out for you. The choice is actually yours, not the UK's.
1. It appears that you agree
1. It appears that you agree with my previous comment (see statement below).
"including the City of London, who are undoubtedly responsible for a whole raft of sharp practices themselves."
2. I enjoyed the part where you stated "they will never be able to cause such financial chaos again in the future."
We have all heard this type of talk before. What specifically has been done that will guarantee (please see your use of the word "never" in the statement above) that a similar problem will not happen again in the future?
3. I can only assume that you do not live and work in the Cayman Islands. After all, why would such an upstanding individual like yourself want to live and work in a country "whose entire national wealth has been made, (and lost) on the back of decades of criminal money laundering, shady 'offshore' banking and corrupt property deals".
Hypocrite!?
4. Where did you see any mention of the UK being responsible for the Euro crisis?
5. While we are on the topic of "typical UK bashing garbage" I would like to mention that the Cayman Islands tops this year's list of friendliest countries for ex-pats (http://travel.yahoo.com/ideas/the-world-s-friendliest-countries.html).
Sounds to me like more of your lies, lies & more lies.
7. I also liked the section where you stated "sort out this mess before it's sorted out for you".
Please don't forget to bring the whip and the rope.
Yes, just like all those
Yes, just like all those Socialist Northern European countries...
Oh, wait, they are doing well and enjoy the highest quality of life, hmmm...
Also, who exactly bailed out all the banks in the US and the UK? The private sector?
Small populations, limited
Small populations, limited international obligations and bloody cold. Go live there then.
The UK taxpayer bailed out
The UK taxpayer bailed out the banks.
With all of the corruption
With all of the corruption and fiscal mismanagement in the UK I am somewhat surprised that they have anyone available to send on vacation to the Cayman Islands.
Blah, blah, blah. yawn
Blah, blah, blah. yawn
Thank you for the feedback.
Thank you for the feedback. Your comment helps to highlight the types of attitudes that has been the destruction of many nations and will most likely be the destruction of the Cayman Islands.
19;40 I love your
19;40
I love your statement, well said!
The truth hurts! Can anyone
The truth hurts!
Can anyone say "Operation Tempura"?
CNS: "An Order in Council is
CNS: "An Order in Council is a statutory provision which forms part of the UK’s reserve powers as the colonial master of the Cayman Islands, enabling it to legislate for any of its overseas territories when it deems it necessary. The move is a last resort and is generally reserved for when the UK feels its interests are at risk." - What about our interests? We are currently under a system where developers can do massive projects that would impact us and the environment, and our leaders don't have the will, power, or the desire to change things for our better livelihood. Every election they make their promises but the powers that be and the big shots seem to have their own way over us. So will the "colonial masters" do the honorable thing for the cause of our freedom and livelihood without draconian measures. We still waiting year after year...
What exactly are you
What exactly are you talking about?
You described what our current local leaders are doing if we can even refer to them as leaders, developers can’t do what they want, our local leaders allows it, They Sell all of us out to the big shots as you say to fatten their own pockets, but it sounds like your blaming the UK for it all?
U should be asking our leaders about our interests and for them to do the honorable thing and retire
So you want the UK to take
So you want the UK to take over responsibility for everything Caymanian? You are waiting because you wanted the Caymanian Government to do something for the Caymanian people and all they have shown is a complete disregard for the people and totall incompetence at every level. Your only hope is the UK.
I think you are
I think you are mis-understanding this.
The FFR will ensure that our so called 'Leaders' cannot do as they please and allow Developments and Projects to go ahead that are not beneficial to us.
Under the FFR, deals like the Cruise Ship Peir, For Cayman Alliance and any other Major Infrastructural Project will have to pass through greater checks and balances before Government can sign off on them.
In other words, people like Mac can't just sign contracts because it benefits his agenda, it must be proven to benefit the Cayman Islands people FIRST.
Implementation of the FFR by
Implementation of the FFR by the UK government should stop much of the current wanton and corrupt destruction of Cayman, as neither the CHEC deal nor the "ForCayman" bullshit was properly or transparently tendered (and the UK authorities may wish to examine closely both of those projects in the context of the UK Bribery Act, and bring the full force of the justice system to bear on any politicians or developers found to be involved systematic corruption - just as in TCI, examples need to be made and no-one is too senior or too rich to escape proper scrutiny and punishment, including prison sentences running into decades and confiscation of property).
The entire UDP administration should of course be removed from office (and preferably from the islands) permanently. Unfortunately that is unlikely to happen.
Go independent then and stop
Go independent then and stop electing morons to your government. Otherwise stop moaning.
But Big Mac said to Governor
But Big Mac said to Governor Taylor that, "you are in my territory"...
Mac's lost the plot. He won't
Mac's lost the plot. He won't meet his promises, he won't cut spending, he won't impose any sense of financial responsibility on the CIG despite the dire economic situation, he won't even curb his own lavish spending. His solution to our overspending is to tax and raise fees without considering long term consequences.
I hope the UK put him on a short leash before he ruins the country.
Mac never had the plot to
Mac never had the plot to begin with.
He may have lost this plot
He may have lost this plot but he hasnt lost the BIGGER PLOT just yet. He still has ALOT of Damage to do before he done with our sorry asses.
15;39 Speak for yourselves,
15;39
Speak for yourselves, you little bunch that want his power.I sure hope he hurry and get rid of your sorry asses. All you guys ever do, is try and tear down everything this government does to help the economy.
Can't believe you wore out
Can't believe you wore out that brand new fridge in three years?
Name one thing the government
Name one thing the government has done to help the economy? One thing.
Or if you are saying they were stopped from doing one thing, name one thing that would have helped the economy that they were stopped from doing,
21:48, And thats the point
21:48, And thats the point you dimwit! Our govenrment has done ABSOLUTELY NOTHING to improve the economy! They have done the complete opposite!!!!!!!!!!!!!!!!!!!!!!!!
Are you really that stupid?
You can't spell "STUPID"
You can't spell "STUPID" without U-D-P.
Mac can't spell it even WITH
Mac can't spell it even WITH U-D-P.
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