New world emerging!- Director of London Office
Mr. Malone told media operatives amidst a hail of questions that the UK’s White Paper policy will continue to be implemented. Mr Malone also noted that the reform of United Kingdom Overseas Territories Association (UKOTA) as mandated by the Premier Dr. the Honourable D. Orlando Smith OBE and Overseas Territories (OT) leaders will place the London Office in a more central position to assist the Territory with its new relationship with the UK.
The issue of corporate and personal taxation with its various strands will continue to impact the financial services sector as the UK brings reform to the industry and its overall economy, Mr Malone highlighted.
Under its G8 Presidency which began this Month, January, 2013, Mr. Malone said they anticipate that its global vision for financial services and its overall economy will become more defined. “If you have not, you should read the Prime Minister’s letter to his G8 colleagues. We will also monitor its evolving relationship with the EU as it attempts to pull back economic and political powers from the EU.”
He noted that in the EU, the OAD will come into force and the relationship with VI and other OTs will move to the implementation phase. This he said will begin to have impacts on trade, environment and financial services as these areas are addressed in the legislation. “The BVI, through the London Office and other agencies of government will continue to play a key role as it assumes its Chairmanship of the Overseas Countries and Territories Association (OCTA), its membership as vice-president of its board and vice president of the financial services working group,” said Mr. Malone
In preparation for these and other events expected to unfold in 2013, the London Office will implement a number of initiatives as outlined by the Director of the London Office and they include assisting with the establishment of IAS functionality and integration of London Office functions into IAS to ensure maximum coordinated support for the Premier and the Territory in international affairs.
There will also be increased engagement of UK Government Departments on behalf of VI ministries and departments as it relates to UK White Paper policy and Joint Ministerial Council follow-up as outlined in the joint Communiqué to ensure the Territory realises the benefits of the new relationship and manages the challenges it poses.
The increase of the Parliamentary level engagement to include key senior UK public service officials in line with the ministries and departments and to sustain engagement with EU as it relates to the new OAD to ensure the Territory capitalises on the opportunities presented in the new OAD and becomes more proactive in its EU engagement are also on the list of priority.
Other items on agenda are increase engagement in EU Parliament as it relates to OAD and future relationship with OCT and the EU based on declining influence of traditional member states with OCTs.
Mr. Malone stated that an effort will be made to strengthen the VI-Hertfordshire partnership by increasing the number of engagements in collaboration with the respective VI government agencies and NGOs and assisting with the development of a programme for raising awareness within Government on the White Paper through a White Paper committee with the Premier as lead spokesman to include the Permanent Secretary, IAS Director that will address both public and civil service awareness.
There were a number of other initiatives mentioned by the London Office Director, who also stated that there are a number of other areas that they are currently working on that he was unable to mention at the press briefing earlier today.
“We hope that you now see that there is a new world emerging and better understand the importance of the role you play in increasing the level of awareness and understanding in the community. It will become very important as international events begin to have more of a direct impact on the everyday lives of the people of the Territory,” was Malone's challenge to media operatives.