Cayman Islands: Loans

Foreign and Commonwealth Affairs written question – answered on 1st December 2010.

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Photo of Emma Reynolds Emma Reynolds Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Secretary of State for Foreign and Commonwealth Affairs what conditions were placed on the loan of £217 million to the Cayman Islands authorised in 2009.

Photo of Jeremy Browne Jeremy Browne The Minister of State, Foreign and Commonwealth Office

The Government gave permission for the Cayman Islands Government to borrow Cayman Island $275 million in October 2009, subject to the Cayman Islands Government (CIG):

including further savings/efficiency measures in 2009-10 budget plans; undertaking an urgent independent impact assessment of the community enhancement fee, alternative forms of payroll tax, property tax and any other tax that would genuinely broaden the revenue base; introducing substantial new tax(es) or fee(s) as identified in the impact assessment study as soon as possible and certainly no later than financial year 2010; and taking swift action to further cut expenditure and/or raise additional revenue if a greater than expected deficit was recorded.

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