🎤 McTaggart criticises UPM government's fiscal management in New Year's message

Opposition Leader Roy McTaggart has criticised the UPM Government's fiscal management in his New Year's message. He accused the administration of overspending, raising new taxes, and creating a budget that will add to the Cayman Islands' debt. Despite an anticipated CI$120 million in new taxes this year and next, the UPM budget still plans for up to CI$150 million in new borrowing. This is in addition to an unused loan facility of over $100 million, primarily intended to cover capital project costs. McTaggart contrasted this approach with the Progressives' fiscal prudence, which included building reserves, lowering debt, and generating surpluses for capital projects. 📈

McTaggart also criticised the UPM's approach to economic growth and public finance management. He pledged that the opposition would advocate for a "sustainable approach to growing the economy" and challenge "excessive, wasteful spending". The Premier has defended the spending as necessary to meet infrastructure needs in line with population growth. She also argued that the fee increases, which are projected to yield around $52 million this year and another $80 million in 2025, were carefully considered to avoid impacting the average Caymanian or lower-income residents. 🏦

Despite his criticisms, McTaggart called for more spending on vulnerable individuals and those in need. He also advocated for investment in a new public transport system, crime reduction, and increased stipends. The PPM has also called for temporary reductions in duty on fuel and domestic cooking gas, as well as a freeze on Water Authority rates. 🚌