Ritchie says that the Cayman\’s near going bust is all because they don\’t tax enough.
Other reports say something a tad different:
After lengthy wrangling, the British overseas territory on Wednesday confirmed that it has finally secured permission from the UK to obtain a CI$50m (£38m) bail-out loan to plug a 35pc-40pc collapse in revenue this year.
The island\’s government has also signalled that it is ready to cave into UK conditions on slashing government expenditure…
That, erm, actually, the government spent too much money in the good times, thinking that tax revenues would continue at their previously high rate.
Amusing that it is Gordon Brown\’s government (OK, the Queen\’s but…) which is making this criticism. And further amusing that Our Ritchie is backing the slashing of government expenditure:
This is welcome: the UK is using its influence appropriately to require reform that is good for Cayman and coincidentallty the world at large.
Really, most amusing.