📉 UPM accused of neglecting Cayman Islands' economic decline

Opposition Leader Roy McTaggart has criticised the United People’s Movement (UPM) for failing to address the Cayman Islands' broader economic decline and growing inequality gap in their budget. McTaggart accused Premier Juliana O’Connor-Connolly and her team of not prioritising the development of a strong economy, as the GDP per capita fell by more than 10.5% in Cayman during 2022. He urged the UPM to change direction rather than follow the path of PACT, and pointed out that there is almost nothing in the budget to meet the proposed climate change policy and the need to start building resilience. 📉

McTaggart also took aim at the UPM's approach to economic growth, claiming it was similar to the mistakes made by PACT. He highlighted that while there were more salary earners in the top economic bracket, these were largely expatriate employees rather than local people moving up the ladder. The opposition leader expressed concern over the spiralling population growth, which he claimed offered no economic benefit. He argued that wages for most people had remained the same and inflation was crippling local families, while the rich were doing very well. McTaggart attributed the decline in living standards to a lack of economic strategy from the PACT Government and accused the new premier of taking the UPM down the same road. 🏦

Despite recognising the need for immigration to supply a large financial sector, McTaggart urged the UPM to consider their proposed immigration reform bill carefully. He emphasised the need for a better understanding of the economy, pointing out that Cayman’s workforce had increased in 2022 but was producing less than in 2019. He also highlighted the serious impact that inflation is having on families and the increase in families seeking help from the Needs Assessment Unit. McTaggart questioned the UPM's spending plans for the 2024/25 fiscal years and accused them of getting the priorities wrong. He criticised plans to borrow to fund projects and claimed that by the end of this administration, PACT and the UPM would have increased debt by half a billion dollars. 💰