London Daily

Focus on the big picture.
Thursday, Oct 02, 2025

Let’s save our money and borrow to run the economy

Let’s save our money and borrow to run the economy

Opposition legislator Mark Vanterpool has posited that laws should be implemented to force the government to build the territory’s financial reserves by saving a certain amount every year, despite the financial constraints that may exist.

Where there are deficits, Vanterpool said the government should borrow loans to run these gaps. He said this is a smart, fiscal strategy used by many within the business community.

“There’s a method that many business people [and] many rich people use. You save your money and spend other people’s money. How do you become resilient and independent is that you save your money and spend other people’s money. We need to think about that statement I just made. I put this proposal to the previous government of which I was a part and I’m putting it again to this government — save and borrow,” Vanterpool expressed in the December 4 sitting of the House of Assembly.

Less reliance on UK


He added that building the territory’s reserves is one way to become economically independent and less reliant on the UK government under normal circumstances and in times of crises.

“The days when we were collecting three to four hundred million, we should have been putting aside more of that money and borrowing more to accomplish our infrastructural development. We need to be able to some day wake up and see half a billion dollars sitting in an investment account so that nobody can tell us that we can’t run our own affairs. I’m not talking about Social Security money because that’s not the government’s, that’s the people’s trust money.”

“I’m talking about the government, every year, putting aside 20 25 million dollars regardless of how difficult it is, make the sacrifice. Twenty years from now, we could have half a billion dollars sitting in some investment fund that you can then tell the United Kingdom. ‘I have economic independence’,” Vanterpool explained.

Gov’t borrowings


The BVI government borrows from various sources to run its economy and expects to get some and $14 million in loans to fill the 2021 budget.

The government has further allocated $12,495,400 towards the repayment of debt.

And despite moving into the third year since the United Kingdom offered to become a loan guarantor to the British Virgin Islands, Premier Andrew Fahie said he is optimistic the people of the territory will still benefit from the offer.

The Premier said the conditions of the UK’s £300 million loan guarantee offer is still being negotiated.

“I can’t say anything about the plan going forward because we are very optimistic that we would be able to work out the areas of concern in the terminology with the conditions because most of them have already been,” Premier Fahie said.

Newsletter

Related Articles

0:00
0:00
Close
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
×