UK should be more supportive, Premier tells UKOTA
Premier Dr Natalio Wheatley has called on the United Kingdom (UK) to provide greater support for borrowing ratios to help Overseas Territories (OTs) strengthen their economies and resilience to climate-related risks.
Speaking at the UK Overseas Territories Association (UKOTA) Political Counsel meeting, Premier Wheatley highlighted the challenges posed by restrictive financial ratios such as those outlined in the BVI-UK Protocols for Effective Financial Management.
He explained that these rules, aimed at reducing the UK Treasury’s risk of contingent liabilities, hinder the ability of OTs like the BVI to invest in large-scale infrastructure projects.
“These ratios do not take into account climate hazards,” Premier Wheatley said. “If we are to reduce the risk of being a contingent liability, we must be allowed to build our economies.”
The Premier emphasised the need for clearer policies to enable borrowing for profit-generating projects. He cited examples such as the Turks and Caicos airport project, which benefits from a more straightforward process. “I believe the UK needs to be a bit more supportive as it pertains to things like ratios and helping to build the economies to be more resilient,” he stated.
The UKOTA Political Counsel and Joint Ministerial Council meetings bring together leaders from the UK’s Overseas Territories, including the Caribbean, Gibraltar, St Helena, and others. These forums allow OT leaders to discuss policies, voice concerns, and seek collaborative opportunities with the UK government. This year’s discussions are particularly significant, as they mark the first under the Labour government after a prolonged Conservative tenure.
Premier Wheatley underscored the BVI’s active role in these engagements, noting its contribution to a declaration made last year between the UK and OTs. “The BVI is an important part of the overseas territories. For the BVI to be absent is almost unthinkable,” he said.
The Premier’s remarks also stressed the importance of flexibility in borrowing to foster economic growth and reduce dependency on the UK. “We have to be free to generate that level of economic activity on our own,” he asserted.
Premier Wheatley’s appeal is expected to draw attention to the unique financial challenges OTs face and spark further dialogue about the UK’s role in supporting their economic development.
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Let’s look at history. How responsible have we been with our money? I’m happy with things the way they are. The UK allows us to borrow within manageable limits and with appropriate oversight. We need to be more responsible with the way we manage the money we have – A Taxpayer
they offered you $300million and you would pay back $390million but you said NO!!!
now you borrowed $100million and you will pay back $190million but now you want help…
They basically offered you $200million interest free
Make up our mind, “man in street, boy in yard..”
You want independence or sucking at mommies tits?
who offered ta loan / and ( the notorious BIG , said NAH , WE GAH MONEY ) and when the Y offered their royal navy , the same NOTORIOUS BIG , AGAIN SAID ” NAH WE GAH SOPHISTICATED BARGES ” where were your voice then ? ❓️ instead when you take over you start SQUANDERING OUR TAXPAYERS MONEY on FREE JAMZ AND GOING ON FLIGHTS ALL
OVER THE WORLD , DO YOU THINK YOU CAN PULL YHE WOOL OVER THE BRITS EYES AS YOU zARE DOING TO YOUR OWN PEOPLE ❓️ Think again
G ,their royal navy to us free 1a
This man is the most two-faced, self-serving induvidual I’ve ever seen. Truly sad how hypocritical he is and putting himself over the betterment of the country.
The point of being self supporting and self governing is that you manage your own resources. The BVI has had billions since the 1980s and look at the place; and with the CoI report Fahie in jail – great combo!
It’s all UK’s fault! It’s like listening to a toddler.
As for the Turks & Caicos; they had the benefit of direct rule for several years, after their corruption disaster. Maybe if we had direct rule after the CoI we wouldn’t be in the current third world hopeless state. If they roads get any worse we will have to bring back donkeys.
He wants money for the airport expansion. He has been told it’s a mistake, but he is tone deaf. There is no case where the expense of extending the runway pays for itself, let alone creates a profit.
Even Sloman said the airport is doing better financially with more planes and people coming in. So improve Immigration, baggage and Security, maintain what’s there. We’ve got a good thing going. Don’t ruin it.