DETERMINATION AND GOVERNANCE
SBC3- SELF- SUFFICIENCY,
The delegation from the Seychelles at the Small Branches Conference.
increased the GDP to £130 million in 2012, and although it has never been a grant-in-aid colony, the Falkland Islands are now, and have since the late 1980s, been financially self- sufficient.
In essence, the argument at hand is that the country has adequate resources to sustain itself with no tax payable to the U.K. It makes its own laws, and thus is independent from the U.K. The country has a relationship with the European Union (EU) and does enjoy some support, and there has been a debate whether to have a representative in the EU.
deliberately not mentioned by Argentina in 1965 at the UN. The precise words used by the speaker at the time were “concentrated inaccuracy”.
Mr Edwards emphasized that the journey of the Falkland Islands has not been an easy one.
Over the years they have experienced difficulties,
disappointments and struggles but had come out of the arduous times with increased confidence, optimism and a determination to succeed. The country made the transition from being a colony tucked away in the South Atlantic, to a financially self- sufficient, internally self-governing people with the desire above all to determine their own future.
Falkland’s self-sufficiency On self-sufficiency he discussed the impact of the invasion on the country’s wealth which had mainly derived from breeding cattle and sheep. Ship repairs became a lucrative source of income but this trade disappeared when sail gave way to steam. After the 1982 invasion, the islanders lobbied for the rich waters around the islands to be made into “an economic zone” and this was partly achieved in 1986 when the Falkland Islands Inner Conservation Zone was established. New wealth was engendered for the government coffers from selling fishing licences and charging transhipment fees. Two years later, a full mile Outer Conservation Zone was established,
more than doubling the government’s income.
During these developments, there was no local expertise, which resulted into joint ventures with companies mainly from Spain, Portugal and Italy. To enable even more control over this valuable resource, in 2005 an “Individual Transferable Quota” system was introduced whereby the resource was given to local companies so that they could have greater bargaining power when negotiating with overseas partners. The economy has since grown in terms of fishing, tourism oil-drilling and exploration for hydrocarbons by companies; and agriculture including farming with meat and wool exportation. All these industries
A Manx point of view Mr Leonard Singer, MLA, reiterated Mr Edward’s sentiments, elaborating on his country’s history of independence. Tynwald – being the longest continuous Parliament in the world – has two branches: the Legislative Council which is the Upper Branch; and the House of Keys being the Lower Branch. It was from the 1950s that the path of self- governance and self-determination had mainly evolved, almost 65 years of gradual and agreed change with the British Government. Speaking on self-governance and self- determination, Mr Singer said there is positive Home Rule with policies not determined by the U.K. Home Office. With no political party system Tynwald became more assertive in setting its aims and dealing with the U.K. It became a working example of Home Rule and devolution, long before those powers were attained in other regions of the U.K. To date, the focus has been on improving the Isle of Man’s international standards, signing bilateral tax agreements and the country being recognized as a well-run, well regulated, stable and transparent jurisdiction. It is recognized by the U.K., the City of London, the Organisation for Economic Cooperation and Development (OECD) and the Fair and Accurate Credit Tax Act (FACTA) as a country, which is the vanguard of the necessary world reforms ensuring openness, fairness and anti-tax avoidance.
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