Skelton Cline Urges Sovereign Wealth Fund
Political commentator Claude Skelton Cline has called on the government to establish a sovereign wealth fund financed by trust companies and marine businesses. The proposed initiative aims to secure long-term investments in education, public infrastructure, and youth development across the territory.
Political commentator Claude Skelton Cline has urged the government to establish a sovereign wealth fund financed by fees from trust companies and the marine sector to support critical infrastructure and long-term development in the British Virgin Islands. Speaking on his radio programme 'Honestly Speaking', Skelton Cline argued that while the financial and marine sectors have generated billions of dollars through the territory over several decades, local residents have not received a proportionate share of the economic returns.
He specifically highlighted what he described as limited local representation within the executive tiers of the financial services industry. Skelton Cline claimed that overseas personnel frequently secure top-tier executive roles and high compensation packages while qualified local professionals are often overlooked.
He noted that in some instances, local employees have been asked to train incoming overseas recruits appointed to positions for which those local workers were bypassed. According to Skelton Cline, the substantial profits generated at the partnership level should translate into greater national development for the wider community.
To address this imbalance, Skelton Cline proposed creating a dedicated fee structured in consultation with industry stakeholders that would feed directly into a national sovereign wealth fund. He suggested looking at Norway's sovereign wealth fund model as a benchmark for the BVI.
Capital from the fund would be earmarked for the territory's children and future generations, focusing on primary public infrastructure including roads, electricity, water, sewerage networks, educational facilities, and specialized professional training. He also recommended expanding mandatory contributions to encompass other major commercial sectors and non-belonger landholders across the territory.
The proposal comes as financial services remain the primary pillar of government revenue, contributing roughly 70 percent of the territory's annual earnings. With the sector facing continuous international regulatory scrutiny, Skelton Cline insisted that the current administration must act immediately to establish the framework for a wealth fund to safeguard the territory's economic future.
Primary source: BVI News