Chair of the Cayman Islands Financial Services Association has described the letter from the UK Overseas Territories minister Chris Bryant as a lecture on the propriety of deficit spending. Anthony Travers said the FCO was in no position to offer advice. “If we were asking for a lecture on how to manage a country’s finances, the last institution on earth that we’d be seeking advice from would be the Foreign and Commonwealth office – and you can quote me on that,” he told CityAM a London based business-news website.
Well of course he's right: the Uk is also in debt.
But the UK has a diversified and, when all is said and done, a pretty robust economy. Cayman is 40% down on hedge funds. It's dependent on one, dying sector.
The UK controls its currency, to some degree. And its intrest rates. Cayman has no levers at all.
Travers, as usual, is just wrong. But why let that get in the way of his quote generation?