Brexit, the withdrawal of the United Kingdom from the European Union, continues to be an issue of interest and concern in Anguilla and other islands.
Speaking in the Anguilla House of Assembly on Tuesday, January 26, Minister of Home Affairs, Mr. Kenneth Hodge, briefly diverted his attention from a number of financial services bills to refer to the Brexit matter.
“Madam Speaker, before I take my seat, allow me to express just a thought or two about Brexit — and how it is impacting Anguilla and in particular this sector of our economy,” he stated.
“The Eastern Caribbean Central Bank, in which Anguilla holds membership, published a paper entitled ‘What Brexit means for the Eastern Caribbean: Issues and Challenges’. I was unable to find the date for this paper, but it is on the ECCB’s website, and I urge members of this Honourable House to log on and take a read. It is very, very interesting reading.
“The paper makes a number of points and, in the interest of time, I will just touch on two, briefly. One, at a country’s specific level, Brexit poses risks to Anguilla, Dutch St. Maarten and French St. Martin — and on trade and bilateral relations such as immigration; law enforcement; and access for Anguillians and tourists entering their ports. Princess Juliana Airport is one of the busiest hubs in the Leeward Islands with daily flights from major cities in North America, Europe and Latin America. Consequently, the island is a transhipment point and hub creating linkages with nearby islands such as Saba, St. Eustatius, Anguilla and Nevis.
“On the second point, Madam Speaker, forging new relations, post Brexit, may result in reduced seaport access to and from Anguilla for tourists. ECCB makes a really important point that a key recommendation for policy-makers within the Eastern Caribbean Currency Union, which includes Anguilla, is to target stronger domestic fundamentals and policy framework to improve resilience of member countries; enhance efforts to achieve fiscal space and low public debt; strengthen domestic financial systems; and diversify the exposed structures of the economies.”
Minister Hodge added: “Madam Speaker, these initiatives we are taking here today, to strengthen our companies’ legislation, is a step in the right direction. Again, I want to reiterate my support for these amendments that we are making here today.”
