Lord Blencathra, whose title will be director of the Cayman Islands’ UK office, takes over some of the duties formerly handled by Mary Chandler-Allen, who had been acting UK representative for the Cayman Islands until she retired in July, after 28 years with the Caymans’ London outpost.
However, it is expected Lord Blencathra will wield more influence in key UK political circles than did Chandler-Allen, as a result of his more than 25 years as an MP, which included a four-year stint as Conservative chief whip.
The appointment comes at a time when the Cayman Islands has faced pressure from cash-strapped G20 governments, including the US and Britain, to be seen to be taking action against "tax havens". It is also facing competition from such other jurisdictions as Ireland for its hedge fund management and administration industry.
Lord Blencathra is understood to have a good working knowledge of the Foreign & Commonwealth Office (FCO), which is often involved in matters having to do with former British colonies like Cayman, and to have been instrumental in introducing Cayman premier McKeeva Bush to top members of the UK Conservative party ahead of the most recent UK election.
In his role as director of the Caymans’ UK outpost, Lord Blencathra will be based at the territory’s offices on Arlington Street in Mayfair, when not performing his duties in the House of Lords.
In a prepared statement, Bush stressed the importance to the Cayman Islands of having “a strong voice in Westminster and Brussels”.
“I am delighted that a politician with David’s experience will ensure that our interests are protected at a time when tax neutral jurisdictions, such as our own, are the subject of such malicious and ill informed attacks,” Bush added.
Lord Blencathra framed his own response to taking up the Cayman Islands job by expressing a “passionate” belief in the idea that the UK and its overseas territories “are a force for good in the world”.
“In a world of ever-faster communications, there is often slower understanding,” he added.
“A major part of my work will be to make people in the UK and Europe understand that allowing the Cayman Islands to maintain its leading position in world finance is also vital for the City of London and the whole of the UK economy.”
‘More comprehensive understanding’
In a statement announcing Lord Blencathra’s appointment, the Cayman Islands said his immediate priorities would include ensuring that the FCO and other UK governmental organisations developed “a more comprehensive understanding” of Caymanian financial and economic issues and concerns. He will also seek to promote the islands’ interests in the UK and Europe by liaising with, and making representations to, UK ministers, the FCO, the European Parliament, and other governmental organisations and associations, the statement said.
Lord Blencathra studied law at the University of Aberdeen in the 1970s and attended Sandhurst, before embarking on his political career in 1983.
