Host of the Speak Out BVI show, Douglas Wheatley, has sounded a warning about wasteful expenditure in the Territory and the possibility of an overgrown public sector as a consequence of this. Photo: VINO

Wheatley stated, 'If we allow the growth of the public sector to become too great, then when bad times hit us, it may be a requirement that we prune the public service.' Photo: VINO/File

In calling for diversification of the economy ‘as a matter of urgency’ on his programme aired on a local radio station on April 16, 2013, he said, “we have to look towards the future with boldness…”

He suggested the need for diversification so that the Territory would not be as overly dependent on the financial services sector as it is now.

The talk show host’s call comes amidst a possible crisis being faced within the sector by the Territory following the alleged leak of information from the sector published in the UK Guardian a few weeks ago through the aid of the International Consortium of Investigative Journalists (ICIJ).

According to Wheatley, the Territory “must trim (its) garments according to the cloth” that is available.

He also called on the Territory to get rid of wasteful expenditure noting that there was perhaps quite a bit of this in occurrence. “We need to create a lean and mean machine,” he suggested.

Wheatley further stated, “If we allow the growth of the public sector to become too great, then when bad times hit us, it may be a requirement that we prune the public service.”

“That will never be something that is easily accepted,” he added

The talk show host said he made the suggestion about 15 years ago in hopes that the situation could be avoided but said he does not think that his words had ever been accepted as necessary at the time.

Making a case for his proposal, Wheatley stated, “I think experience has now shown us that in a number of other Territories and countries throughout the world, that some of those bitter pills had to be swallowed.”

He felt it was better if the Territory could do it on its own rather than having an external government or agency such as the International Monetary Fund (IMF) or even the European Union (EU) mandate that this be done.