Britain’s Overseas Territories Meet To Discuss Brexit

On February 7, ministers of Britain’s overseas territories met with U.K. officials to discuss the fallout from Britain’s planned exit from the European Union, Cayman Compass informed.

Meeting on the Joint Ministerial Council

Ahead of the specially convened meeting on the Joint Ministerial Council, Mr. Panton said that the impact on Cayman’s core financial services industry will be a key part of the discussions. “We want to make sure that we have the same opportunities in terms of cross border transactions with EU member states as we do now,” he said.

Cayman also planned to address the likely loss of access to European Union grant funding and the potential for the split to affect important relationships in the financial services industry.

Uncertainty on Brexit impact

Wayne Panton, Cayman’s financial services minister, who has been in London and Brussels for a series of meetings over the past two weeks, said there was still significant uncertainty about the impact of Brexit.

Mr. Panton said, “We didn’t have a tremendous amount of feedback in relation to that. Part of what that indicates is the level of uncertainty that still exists in Europe, the U.K. and in the overseas territories.”

Source: Cayman Compass

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