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Cayman, UK at loggerheads

Posted by CaribShout on September 20, 2009 at 5:48pm
The governments of the UK and the Cayman Islands remain far apart over how to handle the British territory's fiscal crisis. The leader of the Cayman Islands government, McKeeva Bush has told BBC Caribbean that he will not accept British suggestions to introduce direct taxes for the first time to raise money and narrow a widening deficit. The territory is seeking the approval of the British government to borrow over $350 million to help clear a debt caused by huge government projects. Mr Bush - in London attending a finance industry conference - has met with British officials on the territory's borrowing requirements. But the UK is still not budging, a position Mr Bush considers unreasonable. He said Grand Cayman hopes to raise new revenue through divestment and increased user fees for government services.

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