The premier tells Cayman 27 he has to make deep cuts and create new sources of revenue in order to get the UK on board. This after the UK called government’s original proposal unsustainable. The Foreign and Commonwealth Office sent an economist to help make the slashes after government missed its June 30th deadline for the first time ever.
The premier says he’s proposing to cut some $30 million from capital projects and another $30 million from civil service spending. But he says civil servants salaries will not be cut, instead they will start contributing to their health insurance.
On the other hand, he says he’s looking for over $100 million in revenue.
FCO Economist, Richard Holmwood, is still in the Cayman Islands and negotiations are ongoing.