Written question asked by Lord Jones of Cheltenham (Liberal Democrat) on Wednesday, 10 December 2014, in the House of Lords. It was due for an answer on Wednesday, 24 December 2014. It was answered by Lord Wallace of Saltaire (Liberal Democrat) on Tuesday, 23 December 2014 on behalf of the Foreign and Commonwealth Office.

British Overseas Territories

Question: To ask Her Majesty’s Government what rules govern the ability of the United Kingdom Overseas Territories to raise finance from the private sector and from international governments and organisations to fund infrastructure improvements.

Answer: Overseas territory constitutions and laws set clear responsibilities for public financial matters in each territory. Rules on public procurement in the Overseas Territories (OTs) are also set out in local legislation. In addition, the British Government and a number of OTs have agreed Fiscal Frameworks that establish prudent limits and robust definitions of public debt. They also establish key principles and procedures for public procurement. Fiscal Frameworks are in place with Anguilla, the Virgin Islands, the Cayman Islands, the Falkland Islands and the Turks and Caicos Islands.

Secondary information