One commentator has questioned the approach taken by Premier Dr The Hon. D Orlando Smith in not addressing the issue of the state of the Territory’s financial services sufficiently in his Territorial address recently. Photo: VINO/File

Natalio Wheatley felt the Territory should try its best to hold on to the financial services industry and not neglect its responsibilities especially since it accounts for a significant percentage of government revenue. Photo: supplied

Natalio Wheatley aka Sowande Uhuru indicated that the Premier, in addressing the issue, merely made a cursory remark about the diplomacy required in dealing with the issue.

Premier Smith, who is also the Minister of Finance had stated in his address. “Be assured that there is a certain level of diplomacy and political savvy that is required, to be heard, respected, and trusted in this global industry. I personally am continuing these efforts on your behalf.”

Perhaps prefacing the briefness of his remark, Premier Smith also stated that two weeks prior to his address on July 5, 2013, “[he] spoke on the environment in which we currently operate with respect to the financial services industry, and the many things that we are currently doing in this sector to ensure that we remain competitive and maintain our market share.”

“Let’s say for instance, we do take a hit in the financial services industry, I don’t think it’s right just to surprise people and just let them know we just took a serious hit and now we have to lay off some people,” Wheatley argued.

The commentator said he made a phone call to the VIP radio programme during the time of the last administration and asked the then Premier Hon. Ralph T. O’Neal, OBE what the plan would be if the Territory took a hit in financial services.

Hon. O’Neal allegedly responded that persons would be laid off. “Being laid off is no nice, it’s not cute; especially when you have bills coming in,” Wheatley said.

He felt the Territory should try its best to hold on to the industry and not neglect its responsibilities especially since it accounts for a significant percentage of government revenue.

He again called for diversification of the Territory’s economy and said it did not necessarily have to be something that the United Kingdom or the United States government want.

“We don’t have a lot that we can offer them, but we have a lot that we can offer to ourselves,” he added.